Cryptos

Facebook officials claim Novi has been approved by major US states

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David Marcus, a Facebook executive released the regulatory information regarding Novi. The update shows the current state of Diem’s ​​crypto wallet.

A recent blog post, Marcus has confirmed the approval of Novi in ​​almost every state in the United States. It has also confirmed that it will not go ahead in places it has not been approved.

Facebook executive said that Novi on Diem would not be launched without the required permission. He also said that the project is keeping its promises. As such, international regulators are being consulted.

Marcus also shared information about Novi’s functions and features. He stated that the crypto wallet will allow for free person-to-person transactions within and outside the United States. He mentioned that Novi could be profitable in the future from merchant payments. If the project attracts more clients, this could be a viable option.

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Marcus stated that they could offer a wide range of financial services and expand their reach. Collaborations with respected, reputable, and regulated partners could help to achieve these goals.

How did the Facebook project turn out?

The project is now moving slowly into its launch phase, thanks to Facebook’s crypto news. It’s been more than two years since the project was developed and delayed.

June 2019 marked the official announcement of the project. However, it was not without problems. In addition, most project members left Diem Association by October 2019.

Paypal, Mastercard, Visa, and other former members of the group left the group. Many European regulators took measures to crack down against the project during this period. Mark Zuckerberg also took on the US Congress to protest Facebook’s involvement.

Diem had to change brands due to multiple problems. This likely caused him to shift his focus to the United States.

The rebranding process is designed to give the project autonomy from Facebook’s involvement. The project prior to its rebranding had numerous concerns regarding Facebook’s direct involvement. Some of the concerns were about the misuse of Facebook in legitimate businesses and the financing of terrorist acts.

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Diem has also hired new team members to help strengthen its position. This strategy was intended to allow Diem to reposition itself in compliance of regulations and regulatory bodies. The goal is not to just create a name but also to perform beyond that name.

Remember that Diem has been in many tracks before now as different trademarks and brands. Globalcoin, Facebook Coin and Libra are just a few of the brands that Diem has used in the past.

Facebook also announced in May that it would launch Diem, a stable coin with backing to the US dollar. Invariably, he pulled the project from other international currencies.

However, Marcus, Facebook, and the Diem Association did not give a release date for either the wallet or stable currency.

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