It has been decided to change the name of the encrypted currency, “Libra” supported by Facebook, to “Deem”, in a new effort to obtain approval from the regulatory authorities by emphasizing the independence of the project.
Plans to launch Libra, which Facebook announced for the first time last year, were stymied in April after regulators and central bankers raised concerns that they would affect financial stability, undermine monetary policy and threaten privacy.
Stuart Levy, chief executive of the Geneva-based Diem association behind the proposed digital currency, said the name change was part of an effort to emphasize a new, simpler structure.
“The original name was linked to an early version of the project, which was not welcomed by the regulators,” Levy told Reuters. We made big changes to that proposal. He added that “Diem”, which means “day” in Latin, aims to launch a single digital currency supported by the dollar in principle.
Levy declined to comment on the timing of the launch, which the Financial Times said last week could be in January, saying only that it would not move forward until after approval by Switzerland’s market watchdog.
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