News > Facebook-Backed Digital Coin Libra Changes Its Name to Diem

Facebook-Backed Digital Coin Libra Changes Its Name to Diem

Facebook-backed cryptocurrency Libra has been rebranded "Diem" in a renewed effort to gain regulatory approval by stressing the project's independence. Plans for Libra, first floated by Facebook last year, were slimmed-down in April after regulators and central banks raised concerns it could upend financial stability, erode control over monetary policy and threaten privacy.

Diem, which means "day" in Latin, now aims to initially launch a single dollar-backed digital coin.