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Banks Stay on Sidelines for Facebook Coin After Apple Pay Struggle

  • Libra group in talks with banks to join cryptocurrency effort
  • Lenders wait as new payment ideas ‘haven’t really taken hold’
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What Is Facebook's Libra?

U.S. banks might be happy to stay away from Facebook Inc.’s push into cryptocurrencies. For now.

The Libra Association, the governing body for the coin, is in talks with lenders around the world to join its ranks. Banks are mostly keeping their distance after seeing tepid consumer reaction to digital wallets such as Apple Pay and regulatory scrutiny of digital currencies.