In one more attempt to remove the negative connection to Facebook, the Libra Association, the Libra stable coin, and the Calibra wallet have officially changed their name.
This change comes as the organization (now called Diem Association) hopes to get regulatory approval by the global financial market by the beginning of 2021. As they get down to the wire, instilled fears from its first attempt to launch back in June 2019 linger. This is when pushback from the Facebook-labeled Libra first began.
Governments, especially the U.S., feared that the stable coin’s intricacy could fracture the economy as it might replace fiat currencies. This led to a court hearing last year involving the CEO of Facebook, Mark Zuckerberg, and the House Financial Service Committee, displaying concerns of Facebook’s global influences.
The Diem Association since then has changed their white paper, skimmed down the coin’s applications, hired new executives, and now even changed the coin’s name to the Diem Dollar and its accompanying wallet to Novi.
“We are committed to doing so in a way that promotes financial inclusion – expanding access to those who need it most, and simultaneously protecting the integrity of the financial system by deterring and detecting illicit conduct. We are excited to introduce Diem – a new name that signals the project’s growing maturity and independence,” states Stuart Levey, CEO of Diem Association.
Is this enough to get approved by the FINMA (Swiss Financial Market Supervisory Authority?) Rebranding may help, especially since the name now acknowledges its dollar-backed component. But, a name is only a name. The real issue is the intention of the coin. And no matter what, the project still and always will be initiated by Facebook.
In a previous article by CoinColony, licensing the project seemed to be imminent. However, this name change does create doubt as it appears to be a desperate attempt at the last moment. Ironically, we must wait until the “day” that Diem gets approved to know for sure.