What is Facebook crypto currency Libra

The Libra's cryptocurrency is shedding its Facebook origins

The Libra cryptocurrency has been renamed to break away from its Facebook roots. Diem, the new title for the cryptocurrency, is set to demonstrate the company's independence before its official launch.

Diem is the new Libra

The Diem Association (formerly the Libra Association) announced the transition to a new name in a press release on the Diem Updates page. Diem means "day" in Latin and stands for "a new day for the project".

Facebook originally started this cryptocurrency project in June 2019 but was unable to start it. Many regulators have raised concerns about the cryptocurrency, especially since Facebook was the driving force behind it. Payment processors then withdrew support for the controversial project, which almost brought it to a standstill.

Now Diem is hoping for a comeback. The cryptocurrency is aimed at gaining regulatory approval and works in a much simpler form. Diem also hopes the new name will highlight its "organizational independence".

Commenting on the goals of the project, Stuart Levey, CEO of the Diem Association:

The Diem project will provide a simple platform for fintech innovation to enable consumers and businesses to conduct instant, low-cost, and highly secure transactions.

Although Libra currency was originally intended to be a coin backed by several different currencies, an article in the Financial Times reports that the revised cryptocurrency may be backed by the US dollar.

When is the Diem currency start date?

There's no word on when (or if) the Diem cryptocurrency will officially launch. It has to get past regulators first, which will be a challenge in its own right.