Facebook’s Libra Association becomes Diem Association and seeks autonomy

Facebook’s Libra Association becomes Diem Association and seeks autonomy
Facebook’s Libra Association becomes Diem Association and seeks autonomy
Source: Adobe / Maksym Povozniuk

L’Association Libra, support by , announced the change of its name to Association Diem. With this change and the new hires, the association wants to give more “autonomy” to the project.

In an emailed press release, the organization wrote
“The Libra Association announces the adoption of a new name and the recruitment of key executives, thereby strengthening its organizational independence as it progresses towards regulatory approval of its launch.”

The new name Diem (day in Latin), “denotes a new day for the project” and “signals the growing maturity and independence of the project” according to the association.

Stuart Levey, CEO of the Diem Association, said the organization is committed to providing “a simple platform for fintech innovation to thrive” and in a way that “fosters financial inclusion”.

Also Read: Facebook Replaces Calibra With Novi And Confirms Mandatory KYC.

But the association stressed that it would only proceed with its launch after receiving regulatory approval, including a payment systems license for its operating subsidiary of the.Swiss Financial Market Supervisory Authority (FINMA).

The association added,

“The authorization procedure is underway and the association’s operational subsidiary maintains an active and productive dialogue with FINMA”.

Diem has formed a group of executives who will lead theAssociation and Diem Networks, the operational subsidiary of the regulated payment system. Last week, Cryptonews.com reported that the association was preparing to launch in January 2021 a single currency backed by 1: 1 reserves in US dollars.

This is yet another step the association has taken to seemingly distance itself from its troubled past, having come under scrutiny from various regulatory bodies since the inception. of Libra in June 2019. It was notably criticized over its basket of currencies, the control that the association would exercise over it, the possible destabilization of monetary policy, as well as the connection of Libra to Facebook.

This resulted in two hearings before the Financial Services Committee of the US House of Representatives in the summer of 2019.

Since then, Libra, now Diem, has apparently tried to “divorce” from Facebook and any potentially negative associations past regulatory issues may have produced. Soon after regulatory hurdles began to arise, and a number of original member companies left, Diem gradually began to make changes to his initial plans in an apparent attempt to rally regulators.

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