FACEBOOK’S NOVI LAUNCH GETS ATTENTION FROM SENATORS
Facebook announced a U.S. launch of its digital currency wallet Novi, awaited by many. Instead of its own crypto- Diem, they have used another- the Paxos Dollar stablecoin since Diem failed to get approval from regulators.
David Marcus, head of Facebook’s Novi wallet, announced that from now on users are free to download the app on iPhones or Android and register with a government-issued ID.
Novi was originally designed to hold Facebook’s crypto-Diem, but neglection by authorities shows how controlled the sector is since regulators see many risks and have concerns over customer’s safety.
Marcus commented- “We intend to migrate the wallet to the Diem payment network once it receives regulatory approval.” He added that Facebook is expecting Novi to be able to work with other digital wallets in the future.
A group of Democratic senators reacted to the Novi launch: “Facebook cannot be trusted to manage a payment system or digital currency when its existing
