Facebook encryption project renamed Diem to promote independence and regulatory recognition

The cryptocurrency project supported by Facebook has been renamed Diem, aiming to highlight its independence. The Diem Association, headquartered in Geneva, is the driving force behind this name change, with its CEO Stuart Levy stating that this move is intended to showcase a more streamlined and improved organizational structure.

"Diem" means "day" in Latin, reflecting the new vision of the project. Currently, the main goal of the project is to launch a digital currency backed by the US dollar. Although a specific launch date has not been announced, media reports suggest that the plan could be launched as early as January next year, provided that approval is obtained from the Swiss market regulator.

This renaming move is seen as one of the strategies to gain recognition from regulatory authorities. By emphasizing the independence of the project, the Diem Association hopes to alleviate the concerns of regulators and pave the way for future development.

It is worth noting that although the project name has changed, its core concepts and objectives do not seem to have undergone fundamental changes. The Diem Association remains committed to creating a global digital payment system, only making adjustments in implementation strategies and regulatory compliance.

This move has sparked widespread discussion in the industry about the regulation of Crypto Assets and the involvement of large tech companies in financial services. As the Diem project progresses, its potential impact on the global financial system will continue to be closely monitored.