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David Marcus: This Year Facebook’s Digital Currency Wallet Will Be Launched Under The Name Novi

Facebook Plans To Launch A New Digital Currency Wallet This Year, With The Help Of Which It Will Update The Financial Mechanisms Of Its Platforms.

David Marcus, Facebook’s chief financial officer, shared his candid views on the digital currency market and announced that the Novi platform is ready to launch.

Marcus comments in a new post on the Medium website entitled “Good Stables; A Protocol for Digital Money and Wallets: A Formula for Repairing a Broken Financial Mechanism, ”he wrote on topics such as economic inequality, regulatory challenges, and a newly proposed solution to these problems.

In recent years, Marcus has been promoting and building a Diem digital currency wallet called Novi.

This digital wallet is fully compatible with the rainfed payment system and aims to facilitate the money transfer process for individuals and businesses worldwide. And wants to change the payment system once and for all.

In his article, Marcus says that about 1.7 billion people in the world are without a bank account, and according to documented reports, 62 million people in the United States are unable to reach their full financial capacity by using banking services properly; Therefore, injecting creative attitudes into this sector can be practical.

Marcus says he is confused about the lack of urgency and sufficient effort by regulators and policymakers to absorb digital currencies and the capabilities of the Chinese bloc and cannot justify their passive approach.

He wrote about this:

The United States currently has one of the worst payment infrastructures in the developed world and is lagging behind day by day; China is moving with determination to build an infrastructure in which the digital yuan will challenge the US dollar as a global reserve currency.

Last year, the CEO of Ripple Digital Currency expressed a similar view, saying that the United States is losing the Cold War in technology to manage the next generation of financial mechanisms against China.

The cryptocurrency from Libra renamed Libra, suggested in 2019 that a native digital currency be created on Facebook platforms such as Instagram, WhatsApp, and Messenger to dominate traditional Fiat currencies potentially. Compete like the US dollar.

This bold approach created a wave of uproar that eventually prompted the rainfed development team to retreat quickly to review further and revise their business model. After many ups and downs in the past few years, Dim and Novi are two separate products that will launch independently this year.

The new project is set to take its approach under the direct supervision of Marcus, believing that now is the best time to combine a cheap, fast, secure, interactive, and programmable payment network with an efficient, stable coin.

Marcus says:

We are challenging in the payment industry and provide free individual payment services locally and internationally to everyone who uses New Walt.

He also noted that Novi should support irrevocable tokens and said that smart contracts should replace all traditional contracts.

The New Development Team has reportedly had constructive meetings with regulators and policymakers worldwide, leading to legal permits and approvals required to operate in most US states.

On two occasions, Marcus has said that despite Facebook’s not-so-positive track record of data storage, Novi deserves the opportunity to have a fair chance at its financial ambitions and that innovation should never be stifled but embraced.

At the end of his article, David Marcus called the delay in launching Walt Novi unreasonable; But he never gave an exact date.

What do you think about the use of digital currencies to improve financial mechanisms?

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