Novi Digital, a cryptocurrency wallet soon to be launched by Facebook

Novi Digital, a cryptocurrency wallet that will be introduced soon by Facebook. The wallet would be tied to the Diem Blockchain system.

Board member of Diem and Facebook’s financial services chief, David Marcus, claimed that the current cash-run economy has left 1.7 billion persons “unbanked or underbanked” and still the procedure is really slow.

Marcus stated, “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 launch of the Diem program was planned for the first half of the year 2021, however, the reason for the delay is due to the government Facebook inquiry.

Diem, formerly known as Libra, is a stable coin that converts money transferred to a digital wallet into digital cash and makes it simple to transmit money over the world.

With more than $100 billion costs of transactions in 55 currencies, Facebook, as a payment platform has already been made.

“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 center of their approach to compliance.” Marcus wrote.

As per the post, the firm is trying to meet the terms with the regulators. “It has addressed every legitimate concern that was raised on its journey to design and build a high-quality stable coin”

He added, “This is with extensive consumer protections, and a highly compliant payments network to support it all within the U.S. regulatory perimeter.”

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