The social networking site Facebook has revealed their new digital wallet called Novi, which will be available for both US and Guatemalan users. They hope that this program can help bridge the gap between traditional cash methods with emerging technologies like mobile payment systems to make life easier in today’s world where people are constantly on the go!
It’s not surprising that Facebook is getting into the cryptocurrency game. After all, their CEO Mark Zuckerberg has been investing heavily in blockchain technology for years now and it looks like he’s finally about to reap some rewards! Coinbase was tapped by his company as one of two crypto exchanges piloting its new product through Custody service which will make storing large amounts more manageable than ever before – especially with regulations quickly tightening across North America at present time thanks mainly Canada.
The news made headlines among the crypto community and mainstream media who echoed it as being big for both companies. The disappointment was seen in the response to an announcement that crossed wires and became a trending topic. Crypto enthusiasts, as well as lawmakers, received it poorly; voices against Novi sparked up around privacy issues once more -even though there isn’t much public opinion yet on what will happen with this coin due to its lack of availability.
Why is Facebook in the Spotlight of Governments?
As governments become more and more aware of the way Facebook handles user data, it’s no surprise that they are taking steps to regulate this platform.
The social media platform has been at center stage for many years now, with its rise to popularity over time. People are taking notice because it seems like anything could be possible on this site – your personal information can easily be accessible by anyone who wants it (and sometimes even without permission) if you’re not careful about what kinds of things get posted online or where those posts go after they’ve happened; there’s no way back once something gets indexed which means everything from emails accounts through photos spanning decades might end up out later down road entirely against one’s wishes… The list goes on.
That said, the critics of Facebook crypto wallet are concerned about how it could be a decentralized product and even guarantee privacy for its users. The supporters of Novi believe that the more people who use cryptocurrency, the better. They think this will help keep prices high and increase demand for coins in general which means you could make money by investing early on rather than waiting until later when it’s too late!
What the US Lawmakers Think
A group of US lawmakers recently voiced concerns about Facebook handling cryptocurrencies. They urge the company to abandon it immediately because they feel that this move will make users more vulnerable and susceptible, while also risking future regulations on digital currencies in America.
The lawmakers’ warnings come after several high-profile hacks this year that have left many users feeling insecure about their digital assets – especially those who are already on guard against online phishing schemes designed to steal personal information like passwords or credit card numbers.
Senator Brian Schatz (D-HI), along with fellow senators Sherrod Brown (D OH), Richard Blumenthal DCTN Elizabeth Warren(D MA) & Tina Smith(R WI) sent an open letter to Facebook CEO which partly read, “Facebook cannot be trusted to manage a payment system or digital currency when its existing ability to manage risks and keep consumers safe has proven wholly insufficient.” However, it seems that Mark Zuckerberg isn’t ready to give up his crypto plans just yet.
Facebook is expected to announce the change of its name this week. The company has been vacillating between calling itself a social media site and an internet hive mind, but for now, it seems that they have settled on one thing: Metaverse. The report comes from mainstream news sources who speculate about what could really be coming next after Facebook announced their new project called “the metaverse.” Zuckerberg plans to announce the renaming at Facebook’s annual Connect Conference on October 28.
What About Diem?
It seems like the question that everyone wants answered nowadays is: why cryptos? And whether it’s because we don’t know or just can’t seem to put our finger on exactly why this sudden interest in Blockchain and digital coins came about so suddenly after Facebook’s move.
You heard that right. Facebook has finally made a decision on whether or not to support Diem Association, previously known as their Libra cryptocurrency project!
“I do want to be clear that our support for Diem hasn’t changed, and we intend to launch Novi with Diem once it receives regulatory approval and goes live. We care about interoperability, and we want to do it right,” says David Marcus, Novi project lead, in a recent Tweet.