Libra, the cryptocurrency developed by Facebook, is renamed Diem. It is a question of signaling "the growing maturity and independence of the project", says the CEO of the association which manages from Geneva the development of this digital currency.

Libra is no more. The cryptocurrency developed by Facebook is renamed Diem, announces the association that manages the project, also renamed Diem and still based in Geneva. "We are pleased to introduce Diem – a new name that signals the growing maturity and independence of the project," says Stuart Levey, CEO of Diem. This new identity refers to the word "day" in Latin.

Facebook developed the digital currency Libre with great ambitions.  Originally, it was to be backed by several state currencies and bonds. But last spring, the association announced a radical change of strategy. Instead of a single currency backed by a basket of currencies, Libra would integrate digital versions of various standard currencies. The first version of the digital currency, which should be launched in January, would finally include only one currency backed one-one to the dollar (the Diem Dollar according to Bloomberg) according to the principle of "stable coins".

Facebook had already distanced itself from Libra this spring, renaming its digital wallet project Novi instead of Calibra. The group is still working on a digital wallet for its Diem Dollar, Bloomberg reports. Diem has committed to launch its activities only after receiving regulatory approval, including a payment systems licence for its operating subsidiary from FINMA, explains Diem's CEO. "The licensing process is ongoing and the association's operating subsidiary is in an active and productive dialogue with FINMA."