The Strategist

Facebook renames its Libra cryptocurrency

12/02/2020 - 02:53

The Libra Association blockchain payment system, with Facebook as the leading developer and member, has announced the change of its name to Diem.

According to Stuart Levey, head of the association, "the new name shows the growing maturity of the project. According to American observers, the name change reflects a desire to distance itself from the negative context with which Libra, a cryptographic currency that has not yet been launched, has become associated due to criticism from authorities in many countries.

Facebook first announced its international digital currency project in June 2019. 

For now, it is expected that the cryptocurrency will operate in a closed block: all registered users will become members of the network, and only members of the specially created Libra Association will manage it. 

Initially, the launch at the global level was expected in the first quarter of 2020. However, after criticism of the authorities and financial regulators, investors began to lose interest in Libra.

In May, Facebook had already renamed its crypto wallet Calibra to Novi, and at the end of November, unofficial information appeared that the launch of the crypto wallet from Facebook could take place in a limited format in January 2021.