Facebook’s Libra Association has announced that it will be changing its name to The Diem Association to represent “a new day for the project.”

The association, which is responsible for overseeing the rollout of Facebook Libra digital currency and payments and Novi digital wallet systems, also said that it has recruited key executives to help achieve regulatory approval and progress toward launch of the project, which is reportedly due early next year, albeit in scaled back form.

This includes the appointment of Dahlia Malkhi as the Association’s chief technology officer, Christy Clark as chief of staff, Steve Bunnell as chief legal officer, and Kiran Raj as executive vice president for growth and innovation and deputy general counsel.

So far, the stablecoin cryptocurrency project has faced significant resistance from governments and central banks.

Opposition has forced the project to scale back considerably since it was first announced in 2019.

“The Diem project will provide a simple platform for fintech innovation to thrive and enable consumers and businesses to conduct instantaneous, low-cost, highly secure transactions,” said Stuart Levey, the Diem Association’s chief executive.

“We are committed to doing so in a way that promotes financial inclusion - expanding access to those who need it most, and simultaneously protecting the integrity of the financial system by deterring and detecting illicit conduct. We are excited to introduce Diem - a new name that signals the project’s growing maturity and independence.”

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