Facebook is on the cusp of launching an ambitious new cryptocurrency-based payment system that it says will boost financial inclusion and slash transaction fees. But experts have questioned whether the technology will really achieve those goals.
At the center of the company’s plan is a digital wallet called Novi designed to let people trade Diem—a “stablecoin” whose value is pegged to the US dollar. The project is essentially a re-branding of the Libra cryptocurrency and Calibra wallet, which the company unveiled in June 2019 but quickly put on the backburner following significant pushback from lawmakers and regulators.
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