David Marcus, the head of F2, which stands for Facebook Financial, has revealed that Novi, the company’s digital wallet, is ready to make its debut, though he has not specified a precise date, which might get potential users anticipating what this could bring to the already-blossoming crypto space.
He made a strong case for digital payments as a method to make the financial system genuinely global, open, and real-time while remaining regulated and allowing any number of people to easily join the digital financial system. He said that the system would make it simple and quick for users, merchants, and businesses to move money around and across borders.
“We feel that it’s unreasonable to delay delivering the benefits of cheaper, interoperable, more accessible digital payments,” Marcus said. “We will continue to persevere and demonstrate we can be a trusted player in this industry — and one that’s bringing positive change by being in it.”
The Novi wallet is nothing like the widely recognized Libra project that Facebook attempted to launch a few years ago. It had fallen under intense regulatory scrutiny, forcing Facebook to seek not only a name change but also a new path for the wallet, which led to Novi. Novi is now a project that is built on a stable coin that is linked to the US dollar, as opposed to the previous version, which advocated creating a stable coin that was pegged to every fiat currency, which would have faced a lot of regulatory scrutiny from regulators all over the world.
Marcus further speculated that Facebook would be prepared to abandon its crypto goals in favor of using only fiat currency if this improves wallet usage, provides more value and is seen favorably by authorities.
“Let me be clear, if we only offered fiat money in Novi, it would bring people a lot of value,” said Marcus, adding: “So why not just do that and call it a day? Well, we might.”
However, he responded that they still feel Diem is the best answer for bringing the unbanked into the financial system and improving payments infrastructure, but that the going has been tough with regulators in every state in the US where they have tried to get licensed. If this is the problem in the United States, the problem in the rest of the globe will almost certainly be considerably worse.
Marcus stated that the service would begin as a free service for users, with revenue coming from merchants, but it has to be seen how this will function around the globe, especially with Facebook coming under increased scrutiny from everyone owing to its size and influence. Facebook also intends to branch out into other financial services.
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