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Facebook’s Digital Wallet Cryptocurrency ‘Novi’ Caught Senate Attention, Wants it Taken Down

Facebook has revealed “Novi” earlier today, and it is a digital wallet platform for a cryptocurrency that the social media company would be managing for a new way to pay and transfer money. However, even in its infancy, it is receiving disputes and setbacks as the Senate is already asking for it to be taken down via an open letter to the company. 

Facebook Novi and the Senate

(Photo : Facebook Blog)

Facebook has launched Novi, and instead of cheers and hoorays for the social media company, it received a letter from the Senate, with several senators signing the papers. This calls upon the cease of operations of the digital wallet from Facebook, as one part of the letter said that the social media company “cannot be trusted” in managing Novi and cryptocurrency.

United States Senators Brian Schatz, Sherrod Brown, Richard Blumenthal, Elizabeth Warren, and Tina Smith have penned the papers that were addressed to Facebook CEO and founder, Mark Zuckerberg. This is a massive hindrance to the operations of Novi, but it can also be ignored by the company.

However, it is still something that says a lot about the new venture of the company, particularly as it is involved in a lot of issues now. One of them is with Frances Haugen, the whistleblower that revealed Facebook’s take on mental health and keeping it in the dark for the public. 

Facebook Novi has yet to take off in the country, as it is still on its “pilot” version for the US and Guatemala. Nevertheless, it still saw a letter that goes against its operation and that speaks a lot to its future and the way people would perceive it. 

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What is Facebook Novi?

Facebook said that its “Novi” is a digital wallet that people can use, and it can be done so without any fees. The digital wallet also promises an instant approach and having the chance to do it in a secure platform that people can send and receive money to and from anyone in the world. 

It borders on being a PayPal digital wallet, which also would be accumulating cryptocurrency for its transactions. 

The Novi wallet would be the bridge to “connect” the world, especially in this time of interconnectivity that runs on a digital blockchain called USDP (Pax Dollar), and would be available across Facebook apps. This includes Facebook Messenger, Instagram, WhatsApp, and the big blue social media. 

Is Facebook Incapable of Managing a Crypto Wallet? 

Facebook was not regarded to be “incapable” of managing a crypto wallet. But it is currently involved in a lot of lawsuits and disputes against their alleged “mishandling” of the social media with regards to its users that are the main priority of the platform. 

Twitter is known for its push into cryptocurrency with Square and Bitcoin, but it was not given an open letter by the Senate or other regulatory bodies for it. 

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This article is owned by Tech Times

Written by Isaiah Richard 

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