The Facebook-backed digital currency project known as Libra has been bestowed with a new name by the social media giant. It’ll now be called the “Diem Network”, Diem referring to the Latin word for “day”. Now, its digital currency will be referred to as the Diem Dollar.

The name change appears to be an attempt by Facebook to distance its digital currency project from controversy and opposition that spurred over time since it was announced in June last year. Since its announcement, politicians and regulators from countries including the US and across the EU have voiced skepticism and in some cases opposition to Facebook’s Libra project.

The name change by Facebook seems strategic, given that the company is reportedly looking to launch its digital currency in a limited format as early as January 2021. 

The new Diem Network has 27 institutional partners and is looking to launch a stablecoin that’s tied to the US dollar, whereas in the past, Facebook sought to launch a digital currency tied to several global fiat currencies.

Now, Facebook notes that it’s in talks with global regulators to pave the way for the planned launch of its digital currency project.

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