Facebook announced the Libra currency last year. The token is undergoing a name change.
Facebook announced Tuesday it’s renaming and rebranding its digital wallet from Calibra to Novi.
After the announcement, there was immediate blow back from regulators and governments around the world. The threat to government money was the cause of that.
Facebook is in the works to launch a cryptocurrency called Libra, with the intention of making it easier for people to send money across the world. While Libra will be run by a nonprofit association supported by a range of companies and organizations, Facebook houses Novi, a digital wallet for storing and exchanging the digital coin.
Last week, JPMorgan said the Libra could pose a challenge to the United States Dollar as the reserve currency. It also could be an oasis for illegal activities according to elected leaders who spoke up against the move.
However, the project quickly drew concern from policymakers around the world who worried it could heavily disrupt the financial system, risk potential money laundering and compete with fiat currencies like the U.S. dollar. Facebook says Novi will require verification with a government-issued ID and that the Novi wallet app will have “fraud protections” built in.
https://www.cnbc.com/2020/05/26/facebook-novi-is-new-name-for-libra-digital-wallet.html
Posted Using LeoFinance