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Arbitrum Crypto: Everything You NEED TO KNOW Before You BuyThe Libra cryptocurrency is getting a new name today, Diem, in an effort to show that the project has �organizational independence� as it. Libra was a cryptocurrency created by Facebook, designed to be a simple, low-fee stablecoin to be used around the world. The digital currency was renamed Diem. On June 18, , Facebook announced Libra. It is a virtual currency, or cryptocurrency, though some people don't agree with that definition.