Facebook Libra has recently picked up speed again with a readjustment of the concept. The project aims to make Stablecoins popular for everyone. An already developed wallet for this was previously called Calibra and has now been renamed Novi.
In the crypto year 2019, Facebook Libra was perhaps the most hotly discussed project. But when monetary policy and currency watchdogs demonstrated resistance, Facebook Libra lost momentum. Leading supporters such as PayPal and most recently Vodafone withdrew from the consortium that wanted to introduce Libra as a global, privately organized stablecoin. Then Facebook reacted to the concerns and changed the concept of Libra decisively. One Stablecoin is now to become several, and the principle of decentralisation was also abandoned. Accordingly, the wallet for the future Libra Coins is now being redesigned, Facebook informs in a message.
Calibra becomes Novi – what we know about the Libra Wallet
For future users the renaming of Calibra to Novi is probably not a big deal. However, for the sake of completeness: According to Facebook, the name Novi is derived from the Latin words “novus” for “new” and “via” for “way”. Novi (formerly: Calibra) is intended to continue to provide citizens around the world with access to modern and inexpensive financial services, they say. An example of this is the transfer of money within the family or between friends, which happens in real time and without hidden costs.
According to Facebook, in order to use Novi, registration with identity verification by means of an identity document will be required. This and other built-in details at Novi are intended to prevent fraud. According to the latest news, Novi will be available as a separate app, but will also be integrated into Facebook Messenger and WhatsApp. Novi will send and receive Libra Coins, and Fiat will probably be able to top up credit.
Novi is being developed by a subsidiary of Facebook called Novi Financial based in California and is expected to operate independently of the blue giant. No information was given on the intended charging policy. Also no date of introduction was mentioned. One hopes to make Novi available for the launch of Facebook Libra. Novi will first be rolled out in selected countries.
Conclusion: Open questions about Facebook Libra and Novi remain
What is striking is that Facebook may be setting itself up with a now named detail about Novi. In the past, Facebook had always mentioned Libra in connection with Facebook as a market where an innovative digital currency would be particularly valuable as access to the financial system. But in countries such as India or on the African continent, many people do not have any identification documents at all, so they could not even register for Novi, even if they already have a smartphone and Internet access, as is often the case. How Novi wants to deal with this could become a crucial question. For the crypto scene it is also exciting to know whether Novi will limit itself to Libra Coins or also open up for use with Bitcoin and Co.
All in all, the obligation to register with Novi can probably be understood as an acquiescence by Facebook Libra and reflects recommendations by the G20, which do not prohibit stablecoins but want to regulate them. Thus, observers get the impression that Facebook Libra is slowly moving step by step back towards the launch, albeit in a different way than was thought a year ago. Anyone who would like to register now for news from Novi can do so on the newly designed online presence here.
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