The Libra association was struggling to gain approval from regulators. Interestingly, two days ago the Libra Association made an interesting announcement. The association made the decision to change its name, from Libra to Diem Association.
Interestingly, Libra is transitioning to the name “Diem”, which denotes a new day for the project. People should take into account that despite the new name the Diem Association has no intention to change its plan, which is to build a safe, secure, as well compliant payment system. Notably, the system will empower people and businesses around the world.
Importantly, the shift is likely connected with the hope of turning the page on Libra’s PR. As a reminder, Facebook initially announced its planned global stablecoin Libra in 2019. However, Facebook’s involvement proved especially controversial.
The Diem Association unveiled its new logo, which retained the purple theme, triple horizontal swooshes as well as the lower-case brand of the original Libra.
People should take into consideration that the Diem project will provide a simple platform for fintech innovation to thrive as well as to enable customers and businesses to conduct lost-cost, instantaneous, highly secure transactions. Moreover, the association is ready to do so in a way that promotes financial inclusion, by expanding access to those who need this platform more than others. At the same time, by protecting the integrity of the financial system. The association wants to protect the system by deterring and detecting illicit conduct.
Libra Association and plans for the future
As mentioned above, the Libra Association was struggling to gain approval. However, as part of the effort to achieve regulatory approval and progress toward launch, Diem recently attracted a group of world-class professionals.
Importantly, people attracted by the association will play an important role, and let’s have a look at some of them. Dahlia Malkhi became the Diem Association’s Chief Technology Officer. Also, Christy Clark works as Chief of Staff. Moreover, Steve Bunnell was appointed as Chief Legal Officer.
Interestingly, the Diem Association is prioritizing technological as well as operational readiness for launch. It makes sense as with the top team it will be easier to reach this goal. Importantly, the Diem Association has committed that it will proceed only upon receiving regulatory approval. This fact shows that Diem Association understands the importance of regulations. Hopefully, the licensing process is ongoing and the operational subsidiary of the Association is in active dialogue with the Swiss Financial Market Supervisory Authority.
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