FACEBOOK-BACKED DIGITAL CURRENCY PROJECT DIEM SHIFTS TO US

A once-ambitious Facebook-backed digital currency project — formerly known as Libra, now called Diem — is shifting operations from Switzerland to the U.S. and said it plans to launch a cryptocurrency tied to the U.S. dollar later this year.

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As part of the move, Diem said it is also withdrawing its application for a payment system license from the Swiss Financial Markets Authority, which it has not been able to secure thus far.