Libra has announced it’s name change to Diem, all in aid to distance the cryptocurrency from Facebook and prove independence.
Initially the Libra project was receiving high levels of backlash due to the obvious control Facebook had over the currency.
This is partly due to how Facebook may look to use the platform to avoid government financial laws and systems currently in place.
The currency will now be known as the Diem Dollar and the company will become the Diem Association, clearly showing it is independent.
When Zuckerberg first announced the Project Libra it really did seem like it could become the one international currency, or at least he believed it could.
However since then it has been scaled down drastically due partly to the controversy and also the regulatory concerns from lawmakers.
US congress has had little faith in many online social sites and Facebook has been the cornerstone for a lot of the questioning.
“The Diem project will provide a simple platform for fintech innovation to thrive and enable consumers and businesses to conduct instantaneous, low-cost, highly secure transactions,” Stuart Levey, Diem Association CEO
Libra was originally coined as a single currency that anyone could use online or offline, making transfer of finance easier.
However, following this most recent revelation it seems the company’s plans have been scaled back enormously and it looks like the Novi wallet will be a fair bit lighter.