Meta is preparing to launch its new mobile payment service, Novi Wallet, across all of its subsidiaries, including Facebook and WhatsApp.
Novi is a digital currency wallet launched in October 2021 for buying, selling and holding stablecoins. Stablecoins, tied to currencies like the dollar and euro, have long served as a bridge for customers switching from fiat to cryptocurrencies.
Novi co-founder David Marcus on Twitter shared in one post:We combine our payment methods and products under the Meta company.” said.
Regulators from the banking, consumer protection and antitrust sectors have called on Meta to suspend the Novi project.
the Institute of Americans and Open Markets, the US Department of Justice and other regulatory agencies; the Novi digital wallet, a Meta project, Without a charter approved by the Office of the Currency Controller He called for a review to see if he was accepting deposits.
The statute outlines, as well as outlines, how a bank will comply with security and legality rules. Currently, Novi holds a money transfer license in 38 states as well as holding a company license to provide money services under US federal law. New York regulators companylimited-purpose companycategorizes it as.
Stablecoins are the mainstay of Novi. Some time ago, President of America Joe Biden convened the President’s Financial Markets Working Group and published a report stating that companies that want to take advantage of stablecoins must comply with regulations like banks. The working group’s interest in stablecoins, Meta’s interest in Tether stablecoin, and With Tether not having enough cash reserves to support its stablecoin started.