Facebook coin Libra renamed Diem in quest for approval

LONDON: Facebook-backed cryptocurrency Libra has been rebranded "Diem" in a renewed effort to gain regulatory approval by stressing the project's independence. Plans for Libra, first floated by Facebook last year, were slimmed-down in April after regulators and central banks raised concerns it could upend financial stability, erode control over monetary policy and threaten privacy.

Tuesday's name switch is part of a move to emphasise a simpler, revamped structure, Stuart Levey, CEO of the Geneva-based Diem Association behind the planned digital coin, said.