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Facebook To Introduce cryptocurrency wallet named Novi

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Facebook has announced on Friday that it is preparing to introduce its cryptocurrency wallet named Novi Digital Wallet which the social media giant says would be tied to the Diem Blockchain system.

Facebook’s financial services chief and a board member of Diem, David Marcus, in a post says that the present cash-run economy has made 1.7 billion people “unbanked or underbanked” and the system is slowly inefficient enough.

Marcus said in a post:

“Change is long overdue. It will happen in one way or another. Novi is ready to come to market. We feel that it’s unreasonable to delay delivering the benefits of cheaper, interoperable, more accessible digital payments.”

The Diem programme was initially planned for launch in the first half of 2021 but it was postponed due to the constant government scrutiny of Facebook.

Originally named Libra, Diem is a stable coin that turns the money added to the digital wallet into a 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, “It’s a misconception that digital assets are by definition anonymous. Built and configured the right way, stable coins and wallets put customer due diligence at the centre of their approach to compliance,” opening up the minds of investors to the new goldmine of digital currency.

Marcus wrote further about the innovation that “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 highly compliant payments network to support it all within the U.S. regulatory perimeter.” Addressing issues raised by regulators.

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