Seeking approval … changing the name of the Libra currency …


It was decided to change the name of the cryptocurrency, supported by “Facebook”, to “Dim” in a new effort to obtain approval from regulators by emphasizing the independence of the project.

Plans to launch Libra, announced by “Facebook” for the first time last April, were hampered by regulators and central bank officials raising concerns that they would affect financial stability, undermine control over monetary policy and threaten privacy.

Stuart Levy, chief executive of the Geneva-based Diem Association, which is behind the proposed digital currency, said the name change today is part of an effort to emphasize a new, simpler structure.

“The original name was associated with an early version of the project that was not welcomed by the regulators. We have made major changes to that proposal,” Levy said, adding. Dim, which means “day” in Latin, aims to launch a single digital currency backed by the dollar in principle.

He declined to comment on the timing of the launch, which Financial Times said last week could be in January, saying only that it would not proceed until after approval by the Swiss market watchdog.

The project says it will establish policies related to combating money laundering, terrorist financing and compliance with sanctions, and that it abandoned previous plans to allow anyone to join the currency network.


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