Libra, the Facebook-backed digital currency, is now called Diem, the latin word for “day”. The Libra Association, the Switzerland-based international body that oversees the currency, will now be called the Diem Association.

Why should we care?
Libra, which was announced last year, is expected to roll out in 2021, on a scaled-back basis. Plans reportedly include the launch of a single dollar-backed coin in January, with other currencies to follow, but precise timing will depend on approval from FINMA, the Swiss Financial Market Supervisory Authority. The Diem Association is hoping a new name – and an affirmation of the project’s independent nature – will help smooth over the regulatory approval process. "The original name was tied to an early iteration of the project that received a difficult reception from regulators,” Stuart Levey, CEO of the Diem Association, told Reuters. Despite a move toward an autonomous organization, Facebook will continue to play a role. The team is currently working on anti-money laundering, terrorist financing, and sanctions compliance.