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Facebook's Crypto Assets project renamed to Diem aims to launch in early 2021.
The cryptocurrency project supported by Facebook has been renamed "Diem" to emphasize its independence and seek regulatory approval. This renaming is led by the Diem Association based in Geneva, and its CEO, Stuart Levey, stated that this move aims to highlight the simplification and improvement of the project structure.
The term "Diem" comes from Latin, meaning "day". Currently, the main goal of the project is to launch a digital currency that is solely backed by the US dollar. Although there is significant interest from the outside world regarding the project's progress, Stuart remains silent about the specific launch time.
Media reports suggest that the project could launch as early as next year. However, this process still depends on the approval results from Swiss market regulators. The name change and structural adjustments reflect the project team's emphasis on regulatory compliance and their determination to seek breakthroughs in the digital currency space.
With the rapid development of global financial technology, the attention to digital currencies from all parties continues to rise. The evolution of the Diem project will undoubtedly have a profound impact on the future digital payment ecosystem and will continue to spark discussions about the balance between financial innovation and regulation.