Facebook’s block-chain based payment system Libra has rebranded itself as ‘Diem’ which is a Latin word for “day”.
- The organisation, named Libra Association has also been renamed as the ‘Libra Association.’
- The objective behind rebranding is to get regulatory approval.
- The project that was pushed back in April 2020 after regulatory banks raised concern that it would threaten financial institutions, monetary policy and privacy, is trying to show its organizational independence with this move of changing its name.
- Diem now proposes to launch a single dollar-backed digital currency.
