Facebook's Crypto Assets project renamed Diem aims to gain regulatory approval.

The cryptocurrency project supported by Facebook has been renamed "Diem".

The cryptocurrency project originally named Libra recently announced its rebranding to "Diem", a move aimed at highlighting the project's independence to gain recognition from regulators. This renaming decision is led by the Diem Association, headquartered in Geneva.

The association's CEO Stewart Levey explained that the name change reflects the simplification and refinement of the project structure. The term "Diem" is derived from Latin, meaning "day". Currently, the main goal of the project is to launch a digital currency solely backed by the US dollar.

Stuart did not comment on the specific release date. However, media reports suggest that the project could be launched as early as early next year, provided it receives approval from the Swiss market regulator.

This renaming initiative highlights the project team's commitment to collaborating with regulatory authorities, while also reflecting the evolving regulatory landscape in the Crypto Assets sector. As the project develops, the industry will closely monitor how Diem balances the demands of innovation and compliance.