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Libra, the digital currency announced by Facebook last year, is getting a new name. Libra will now be Diem.
The new name will reenforce the currency project's independence, according to a statement released Tuesday by the Libra Association, which is also changing its name. From now on it will be the Diem Association.
"What's the best way to get people to think about a product differently?" asked Josh Crandall, CEO and co-founder of NetPop Research. "Change the name."
He maintained the name change is Facebook's way to create a blank slate for the currency.
"The Libra rollout was rife with conflicts between partners and positioning statements that roiled the industry," he explained to TechNewsWorld. "They had to bury that history however they could and changing the name was the fastest means to an end."
The currency also came under fire from the U.S. government. "The Treasury Department has expressed very serious concerns that Libra could be misused by money launderers and terrorist financiers," Secretary Steve Mnuchin told reporters at a White House press conference held around the time of the Libra launch.