• According to Facebook, Novi has been approved in the majority of US states

  • David Marcus, a Facebook executive, has provided an update on the regulatory status of Novi, the crypto wallet for the Diem stablecoin.

    Novi has received widespread approval.

    Marcus stated in a recent blog post that Novi has been approved in nearly every state in the United States. He also stated that Novi will not launch in areas where those clearances have not been obtained.

    Marcus stated that the project originally stated that it “would not launch Novi on [Diem] without the necessary regulatory approvals.” He claims that the project stayed true to its commitments and that it is now consulting with international regulators.

    Marcus also shared some information about Novi’s functions. He claims that it will offer free person-to-person payments both inside and outside the United States. He also stated that by establishing a customer base in this manner, Novi will be able to profit from merchant payments in the future.

    “From there, we can branch out and offer a variety of other financial services in collaboration with respected and well-regulated partners, and expand from there,” Marcus explained.

    There is currently no set launch date.

    Following more than two years of development and delay, today’s news brings Facebook’s cryptocurrency one step closer to launch.

    The project was announced in June 2019, but it quickly encountered problems. Beginning in October 2019, several project members left the Diem Association. At the same time, various European regulators attempted to stymie the project, while the US Congress grilled Mark Zuckerberg about Facebook’s involvement.

    These issues prompted Diem to rebrand this year and shift its focus to the United States. In May, Facebook announced plans to launch Diem as a stablecoin backed by the US dollar, rather than a basket of international currencies.

    Facebook, Marcus, and the Diem Association have not stated when the stablecoin or wallet will be available.

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