It was decided to change the name of the cryptocurrency, "Libra" supported by "Facebook", to "Dim", in a new effort to obtain approval from the regulatory authorities by emphasizing the independence of the project.

Plans to launch Libra announced by Facebook for the first time last year were stalled in April after regulators and central bank officials raised concerns that they would affect financial stability, undermine monetary policy and threaten privacy.

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

"The original name was linked to an early version of the project, which was not welcomed by the regulators ... We have made major changes to that proposal," Levy told Reuters.

He added that "Dim", which means "day" in Latin, aims to launch a single digital currency supported by the dollar in principle.

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

He stated that the project would set 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.

Source: Reuters

By:Nadeemy Haded