Facebook pressured to ‘immediately discontinue’ Novi wallet pilot

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Just after hours of the launch of Facebook’s new crypto wallet, five senators including Elizabeth Warren, the famous crypto questioner senator pressured the company to immediately discontinue the system.

The senator has ordered CEO Mark Zukerberg to immediately halt the project by releasing a letter that goes like:

“Given the scope of the scandals around the company, we write to voice our strongest opposition to Facebook’s efforts on launching a cryptocurrency and digital wallet, now branded ‘Diem’ and ‘Novi, respectively.’’

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Facebook’s Novi and Diem

Formerly famous with the name Libra, Diem is Facebook’s stablecoin project. It has been a huge subject of regulations and scrutiny for many years which resulted in many big known partners pulling out of the venture. 

Designed for holding Diem tokens and other stablecoins, Novi is the ambitious crypto wallet by Facebook. With the partnership with Coinbase for crypto custody services, on October 19, it launched a pilot in Guatemala and the U.S intending to acquire, send, and receive Paxos Dollars (USDP).

Brian Armstrong, the CEO of Coinbase, today congratulated David Marcus, the co-creator and Diem’s board member. He added that it takes so much patience to ignore the haters.

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The five senators who are pressuring the company to halt the service are Brian Schatz, Tina Smith, Sherrod Brown, Elizabeth Warren, and Richard Blumenthal. The five said that the actions of the company have been harming its users and the broader society.

David Marcus, on behalf of the company, said that once the company receives regulatory approval, it will migrate Novi to the Diem payment network.

Facebook has big plans ahead after the launch of the crypto wallet and stablecoins. It has been revealed recently that it has plans to build its own metaverse and to create 10,000 high-skilled jobs in the EU in the next five years.

Many market experts are in the favor of bringing strict regulatory plans for stablecoins. As TheCoinRise reported recently, Fitch Ratings warned about the risks stablcoins pose to security markets.

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