Facebooks Digital Wallet Novi Nearing Launch

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On Friday, Facebook announced that its cryptocurrency wallet that has been in the works for some time now would soon be released. The Novi Digital Wallet would be tied to Diem Blockchain System.

Facebooks financial services chief and Diem Board Member, David Marcus, argued that the present cash-run economy has left 1.7 billion people “unbanked or underbanked” and still the process is extremely slow.

“change is long overdue. It will happen in one way or another. Novi is ready to come to the market we feel it’s unreasonable to delay delivering the benefits of cheaper, interoperable, more accessible digital payment.” He further stated.

The Diem Program was originally scheduled to launch in the first half of 2021 but was rolled back as a result of the government’s constant scrutiny of Facebook. The digital currency was originally named Libra, but Facebook changed the name to Diem earlier this year. Diem is a stable coin that turns money added into a digital wallet into digital currency and makes it easy to send worldwide.

Facebook as a payment platform has already made more than 100 billion dollars worth of transactions in 55 currencies.

Marcus also wrote that “its misconception that digital assets are by definition anonymous. Built and configured the right way, stable coins and wallets put customer due diligence at the center of approach to compliance.”

His post further emphasized that Facebook is trying to comply with regulators “it has addressed every legitimate concern that was raised on its journey to design and build a high-quality stable coin. This is with extensive consumer protections, and a high complaint payment network to support it all within the U.S regulatory perimeter.”

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