With Cryptocurrency expanding and big tech company’s are seeing the vision of development it’s will bring, recent development proves that Facebook has now launched it’s own digital currency wallet labeled “Novi” in the US and Guatemala. This announcement was made by the head of department of Facebook’s Novi wallet David Marcus.
The company has chosen to use the Paxos Dollar stablecoin after its own cryptocurrency failed to obtain backing from regulators. However, Coinbase US cryptocurrency exchange platform, is providing guardianship services for Facebook’s Novi.
Intend users can simply download the app on iOS and Android form their respective app stores and signup with a valid issued ID to enjoy free money transfers between wallets. Meanwhile, US Senators petitioned on the social giant to put a stop to its digital wallet and cryptocurrency project relating that the company cannot be trusted to be given management of cryptocurrency finance.
“Facebook is once again pursuing digital currency plans on an aggressive timeline and has already launched a pilot for a payments infrastructure network, even though these plans are incompatible with the actual financial regulatory landscape — not only for Diem specifically, but also for stablecoins in general,” – the US senator petitioning facebook.
Facebook is yet to respond to this petition. Overall, No doubt the company is really experiencing its times and we are uncertain whether they will come out unaffected.