[Asia Economy Reporter Kwon Jae-hee] Facebook, the world's largest social networking service (SNS), announced that it has completed preparations to launch 'Novi,' a digital wallet that can hold the blockchain-based stablecoin 'Diem.'
According to major foreign media on the 18th (local time), David Marcus, head of Facebook Financial, stated on his blog, "We are ready to launch Novi." He added, "We cannot delay the launch of an affordable, interoperable, and easily accessible digital payment service," and "We have secured licenses or regulatory approvals in almost every state."
Marcus explained that Novi provides an environment where individuals can make free domestic and international payments. He also mentioned that they may collaborate with trusted partners in the future to offer various financial services.
David Marcus is a key figure leading Facebook's digital currency transition and one of the co-founders of the 'Libra' project announced by Facebook in 2019 to create a cryptocurrency. However, Libra faced regulatory challenges from the U.S. and European governments, leading Facebook to rebrand the Libra project as 'Diem,' a stablecoin tailored to comply with regulations in various countries. Additionally, Facebook has been developing 'Novi,' a digital wallet that can trade Diem. Facebook's digital wallet Novi is available as a smartphone app and can be used as a standalone app or integrated with Facebook Messenger or WhatsApp.
After unveiling the stablecoin 'Libra' project in 2019, Facebook encountered regulatory hurdles from the U.S. and European governments. Subsequently, Facebook rebranded the Libra project as 'Diem,' adapting it into a stablecoin compliant with regulations worldwide, and developed the digital wallet 'Novi' to trade Diem. Facebook has also claimed plans to launch Diem and Novi within this year. The digital wallet 'Novi' is available as a smartphone app, usable as a single app or integrated with Facebook Messenger or WhatsApp. Moreover, there are no separate fees for sending or paying with digital assets.
Marcus expressed confidence, stating, "We have resolved all legal concerns raised during the process of building a high-quality stablecoin within the United States."
Previously, when Facebook entered the cryptocurrency sector, financial authorities raised concerns that it could threaten currency stability and be exploited for money laundering.
To address these concerns, Facebook countered, "On the contrary, this system can detect illegal activities more effectively than traditional financial systems."
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