Facebook-backed project Diem, formerly known as Libra, has withdrawn its application for a license as a payment system in Switzerland.
According to the Swiss Financial Market Supervisory Authority (FINMA), the project, which will focus on the US market and will be based on the US dollar, has decided to withdraw its application because it plans to launch its payment system in the US first.
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Diem intended to launch a stablecoin right after receiving the corresponding license from the FINMA, while in April it was reported a pilot project with a digital currency pegged to the US dollar would be launched later this year.