Facebook for the longest time has been playing a magnificent role in connecting people and helping them socialize despite having miles between them and now the tech giant is all set to step into a new venture.
Facebook has been in the industry for a long time now and has seen the norms of the internet change over the years and is also aware of the big impact crypto and digital currency has brought about and hence for a long time now Facebook has been trying to introduce its own digital wallet named Novi.
The digital wallet from Facebook will however come with a twist. The tech giant plans on managing both fiat currency as well as cryptocurrency in it and it was all set to launch in collaboration with a stable coin called “Libra”, however that planned failed considering how often Facebook is stuck in court callings and clearing up all the allegations that are out upon them. However, being the number one tech giant this all comes hand in hand for them.
However, apart from just court calls and unnecessary amount of claims, Facebook is being treated unfairly when it comes to them stepping in the digital currency world according to David Marcus, who is a part of the company’s financial services unit.
He claimed that he understands that Facebook should go through extra scrutiny when it comes to digital currency because of the massive amount of users linked to it but from what he believes is that their competitors are afraid of Facebook entering the digital wallet world and hence the company has to go through such unfair treatments.
The reason for Facebook being a threat is because Novi, which is Facebook’s yet to be introduced digital wallet is because Facebook apart from just introducing it for both fiat and digital currency will also be holding back on the taxation cut. It will ensure that the taxation cut is barely minimum and in most cases free of cost, both for local and international money transfers and according to them this will change the outlook of how the digital currency world works. Hence they are a potential threat to their competitors because after their launch many people will opt for them as a means of transfer.
So the question is as to why they haven’t launched Novi yet? Well, Facebook does not want to let go of the opportunity of collaborating with a stable coin and hence is waiting ono a shot with Libra again.
The tech giant claims that they will work fairly in the digital world and that they just want a shot at an equally fair behavior like everyone else.
Read next: Facebook with its new ‘widely viewed content’ report counters claims regarding amplification of divisive content on its platform
Facebook has been in the industry for a long time now and has seen the norms of the internet change over the years and is also aware of the big impact crypto and digital currency has brought about and hence for a long time now Facebook has been trying to introduce its own digital wallet named Novi.
The digital wallet from Facebook will however come with a twist. The tech giant plans on managing both fiat currency as well as cryptocurrency in it and it was all set to launch in collaboration with a stable coin called “Libra”, however that planned failed considering how often Facebook is stuck in court callings and clearing up all the allegations that are out upon them. However, being the number one tech giant this all comes hand in hand for them.
However, apart from just court calls and unnecessary amount of claims, Facebook is being treated unfairly when it comes to them stepping in the digital currency world according to David Marcus, who is a part of the company’s financial services unit.
He claimed that he understands that Facebook should go through extra scrutiny when it comes to digital currency because of the massive amount of users linked to it but from what he believes is that their competitors are afraid of Facebook entering the digital wallet world and hence the company has to go through such unfair treatments.
The reason for Facebook being a threat is because Novi, which is Facebook’s yet to be introduced digital wallet is because Facebook apart from just introducing it for both fiat and digital currency will also be holding back on the taxation cut. It will ensure that the taxation cut is barely minimum and in most cases free of cost, both for local and international money transfers and according to them this will change the outlook of how the digital currency world works. Hence they are a potential threat to their competitors because after their launch many people will opt for them as a means of transfer.
So the question is as to why they haven’t launched Novi yet? Well, Facebook does not want to let go of the opportunity of collaborating with a stable coin and hence is waiting ono a shot with Libra again.
The tech giant claims that they will work fairly in the digital world and that they just want a shot at an equally fair behavior like everyone else.
Read next: Facebook with its new ‘widely viewed content’ report counters claims regarding amplification of divisive content on its platform
