Facebook’s cryptocurrency Libra has been rebranded as “Diem” to gain regulatory approval by emphasizing that the project has “organizational independence”. The independent organisation, Libra Association, which runs the Libra project, will also be renamed as the Diem Association. Diem is a Latin term meaning “day”. Libra faced criticism because of the possibility of it threatening the traditional government-run financial systems, which may result in upending of financial stability and threatening of privacy.
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