FILE PHOTO: Representations of virtual currency are displayed in front of the Libra logo in this illustration picture, June 21, 2019. REUTERS/Dado Ruvic/Illustration//File Photo
WASHINGTON (Reuters) - Digital currency group Diem Association, formerly known as Facebook Inc's Libra project, plans to launch a U.S. dollar stablecoin as it scales back its global ambitions to focus on the United States, the group said on Wednesday.
The association, which comprises 26 financial firms and non-profits, said it was relocating its main operations from Switzerland to the United States and withdrawing its payment system license application with the Swiss financial regulator.
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