Facebook expressed a clear desire to return to the crypto world. Previously, the giant company had issued a crypto currency called Libra, however the project faced failure due to various criticisms especially in its regulatory and global risks.
The crypto currency project has previously successfully garnered cooperation from the giant companies Mastercard, Visa, eBay, Stripe and Paypal in the venture. However, one by one began to withdraw.
The latest Facebook comes with a new lease of life by rebranding the crypto currency Libra under the name "Diem" in an effort to get approval.
The name change is part of a move to restructure and remodel. Previously, Libra had faced barriers from regulators and central banks that raised concerns that it could threaten monetary policy and threaten privacy.
The person behind the Diem organization declined to comment on the previously reported crypto currency launch time to be launched in early January.
The Libra Association now has 27 members including Facebook subsidiary Novi Financial, David Marcus. Novi Financial will introduce Novi digital wallet specifically for Libra which is a new payment system which is built based on innovative blockchain technology.
