Digital Currency venture was treated unfairly, Facebook claims

Facebook, a tech giant with over 2.89 billion monthly active users, claims that they were treated unfairly regarding their entry into Digital Currency. David Marcus, the company’s financial service member, says Novi can change the entire payment system as it will handle both fiat and cryptocurrencies.

Facebook, the largest socializing network, has been involved in cryptocurrency in the past. The tech giant was working on a project “Nascent” which later was called “Libra”. The main goal of libra was to reduce the volatility in the crypto like BTC and provide a stable coin. The tech giant was in partnership with companies like Visa, Uber, Andreessen, and Horowitz.

David Marcus, a tech giant’s financial service member, expressed his thoughts that Facebook was treated unfairly regarding their venture into Digital Currency. He said we understand that they should go under tight scrutiny because of billion users linked to it but he said our competitors are afraid of Facebook entering into Digital Currency.

New project regarding Digital Currency

Marcus also explained the upcoming project of the tech giant and calls it game-changing. The upcoming project is Novi wallet. This wallet will be able to hold both fiat currency as well as cryptocurrency.  

The tax cut will be minimum or sometimes no tax at all. The wallet will be used for both domestic and international transactions. Marcus added that this will change the outlook of how Digital Currency works and therefore competitors are afraid of it. He thinks people will give preference to Facebook’s wallet as means of money transfer.

The Facebook is very hopefull that this wallet will change the broken transfer system and lead the people to digital era. Wallet will be launched with Libra as it will provide a chance to the later project to succeed. For more Interesting conent click here.