Facebook's Diem digital currency project moves to the U.S.

A long-delayed digital payments project from Facebook (FB), called Diem (formerly known as Libra), is pursuing yet another avenue to get its model off the ground. The company is relocating its main operations from Switzerland to the U.S. as it scales back its global ambitions. It even withdrew its application for a payment system license from the Swiss Financial Markets Authority, noting that the certification wasn't necessary as it pursues a different direction."It's a realization that the effort will require a presence that is acceptable to U.S. regulators," said Richard Levin, chairman of financial technology and regulation practice at law firm Nelson Mullins.Flashback: Facebook first unveiled Libra in June 2019 as part of an effort to expand beyond social networking and "empower the billions of people" that don't have bank accounts. The project, which was to backed by a basket of major currencies, immediately ran into fierce opposition from policymakers