Facebook Inc., in association with Libra, intended to create a single global digital currency. The company aimed at enabling 1.7 billion people, that have no bank account to send money anywhere in the world at little cost. However, global regulators opposed the idea of considering the broad range of issues from money laundering to financial instability. In its recent Whitepaper, the Libra Association rebranded itself as Diem to get the projects off the ground. What has changed? “We have moved to a design that starts with single currency stable coins and, therefore, is a much more natural evolution of the current system,” says Christian Catalini, chief economist of Diem Association. Watch this video to learn more about Facebook’s digital currency.