NewsEconomicsNovi, the Facebook digital wallet

Novi, the Facebook digital wallet

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The wallet will be linked to the Diem Blockchain system. David Marcus, head of financial services at Facebook and a member of the board of directors of Diem, said the current cash-based economy has left 1.7 billion people without a bank and the process of going digital is still extremely slow. “The change is long overdue. It will happen one way or another. Novi is ready to reach the market. We believe it is unreasonable to delay delivery of the benefits of cheaper, interoperable and accessible digital payments, ”added Marcus. In 2019 Facebook tried it with Libra. A cryptocurrency that, with the support of Visa and Mastercard, however, has not managed to pass the scrutiny of the regulatory authorities, mainly due to fears related to the financial system that could have been destabilized by the catchment area of ​​over 3 billion connected in the world of Facebook. The next and less disruptive step was to focus on a stablecoin, or on a digital currency but linked to an official one, in this case the US dollar. The new stable version is called Diem and its development is promoted through the Diem Association. It is a non-profit company based in Switzerland which governs all technological and functional development from afar and which has its own FB as a key member. The Diem program was originally slated to launch in the first half of 2021, but has been postponed due to the government’s constant scrutiny of Facebook. Diem turns the money added to the digital wallet into a digital currency and makes it easy to send around the world. Facebook, as a payment platform, has already made more than $ 100 billion in transactions in 55 currencies. Trying to dispel common myths about cryptocurrencies, Marcus wrote: “It is a misconception that digital assets are by definition anonymous. Built and configured the right way, stablecoins and wallets put customer due diligence at the heart of their compliance approach. ” According to his post, the company is trying to comply with regulators. “It addressed every legitimate concern that was raised on its journey to design and build a high-quality stablecoin with extensive consumer protections, and a highly compliant payment network to support it, all within the US regulatory perimeter.” .

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