The original name of Facebook’s proposed digital currency was Libra.
Facebook formally announced Libra on June 18, 2019, presenting it as a blockchain-based payment system and stablecoin project. The plan was overseen by the Libra Association, a group of companies and organizations intended to manage the currency and its reserve. Early proposals described backing linked to a basket of major currencies and other financial assets.
The project quickly faced scrutiny from regulators and lawmakers over monetary sovereignty, privacy, financial stability, and Facebook’s influence. The name was changed to Diem in December 2020, partly to distance the project from the controversy surrounding Facebook and the Libra brand.
Diem was not Bitcoin, which is an independent cryptocurrency with a permissionless network. “Facebook Coin” and “GlobalCoin” appeared in early reports, but Libra was the formal name used when the project was publicly announced. The Diem Association wound down in January 2022.