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Facebook Libra changes name to Diem

Facebook Diem
  • Libra changes name to Diem
  • Makes new appointment in line with scaling regulation hurdle
  • Diam set to comply with the sanctions and regulatory requirements

Facebook Libra association has changed its name to Diem. The association also announced that several high-profile experts have been appointed to stir Diem’s affairs in line with the name change.

In a press release by Diem, the name change and the recent appointments are to aid regulatory approval for the stablecoin launch. Since Libra’s launch in 2019, Legislators in the US have objected to the stablecoin launch. They continue to sight regulatory reasons and say the coin could upend global monetary policy control protocols.

Diem also would continue to pursue Facebook Libra mission of building a safe, secure, and compliant payment system that empowers people and businesses worldwide. However, it is currently focused on making sure the project meets regulatory expectations.

New experts appointed by Diem to oversee regulatory hurdle

Months back, James Emmett, former chief executive of investment bank HSBC Europe was appointed as CEO and managing director for the Diem.

Similarly, the ex-managing director and head of financial crime compliance at Suisse was also appointed in June to help Diem scale regulatory hurdles.

Dahlia Malkhi was appointed chief technology officer, Christy Clark, chief of staff; as the chief legal officer, Steve Bunnell made some appointments.

The press release association made it clear that it would not go any further except it gets regulatory approval and payment system license.

Facebook Libra to Diem strategy to please regulators?

Global media platform, Reuters, claim the project is just rebranding itself with the name change.

This marks the second time the project would change its name. In May, Facebook changed its Calibri wallet to Novi.

However, unlike FacebookLibra, Diem would issue individual stablecoin species, each pegged to a specific national fiat. Facebook Libra, according to regulators, was just a Facebook coin backed by a basket of fiat currencies.

Stuart Levey, CEO of the Association, has said that Diem would comply with the sanctions and regulatory reporting requirements. “All of these design features we think make for a project we think that regulators will welcome,” Levey said.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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