Facebook is eventually testing Novi, the digital portmanteau it’s been teasing for further than two times. Facebook’s payments principal David Marcus blazoned that the company is launching “ a small airman” of Novi in the United States and Guatemala with the thing of enabling family members to shoot remittances across borders.
“ We ’re doing a airman to test core point functions, and our functional capabilities in client care and compliance,” Marcus wrote. “ We ’re also hopeful this will demonstrate a new stablecoin use case (as a payments instrument) beyond how they’re generally used moment The fact that Novi is eventually launching, indeed in a limited way, would feel like significant step forward for Facebook’s long-worried crypto plans. Still, the company is launching the portmanteau without Diem, its planned cryptocurrency ( preliminarily called Libra) that’s faced a surge of pushback from lawgivers and controllers around the world Rather, the original airman will use the Pax Dollar (USDP), a stablecoin that Marcus said has “ been operating successfully for over three times and has important nonsupervisory and consumer protection attributes.” He added that Facebook has partnered with Coinbase during the airman.
News of the airman has formerly sparked renewed review from lawgivers. On Tuesday, hours after Marcus’ original advertisement, a group of five Popular legislators transferred a letter to Facebook asking the company “ to incontinently discontinue your Novi airman and to commit that you won’t bring Diem to vend.” The letter cited the recent exposures from a Facebook whistleblower, and the company’s “ grim pursuit of gains at the expenditure of its druggies Given the compass of the dishonors girding your company, we write to state our strongest opposition to Facebook’s revived trouble to launch a cryptocurrency and digital portmanteau, now ingrained‘Diem’and‘Novi,’ independently,” the legislators wrote. “ Facebook can not be trusted to manage a payment system or digital currency when its being capability to manage pitfalls and keep consumers safe has proven wholly inadequate.”
A prophet for Novi said that “ we look forward to responding to the Committee’s letter,” but did not unfold. In his original advertisement, Marcus said the company remains married to launching Diem. “ I do want to be clear that our support for Diem has n’t changed and we intend to launch Novi with Diem once it receives nonsupervisory blessing and goes live,” he wrote.