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Facebook's cryptocurrency gets a new name: Diem

Saturday, 12 05 2020, Category: Technology, Country: World
Libra, the cryptocurrency spearheaded by Facebook, got a new name on Tuesday, a move designed to reinforce "its organizational independence" as the ever-shrinking project seeks regulatory approval.

The cryptocurrency and the body that organizes it will now go by the moniker Diem, the association said in a media release. The new name, which means "day" in Latin, reflects the "the project's growing maturity and independence," said Diem Association CEO Stuart Levey.

It's unclear how the new name will burnish the project's independence. What is clear is that Facebook hasn't gotten much love for Diem, which has changed in goals and scope since the association publicly launched in mid-2019. Partners have bolted from the project, details have shifted and legislators have criticized the plans. Nonetheless, Facebook has indicated that it will press on with the project, whose ambitions have been curtailed over time.


Source: cnet.com
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