Facebook’s David Marcus calls for a “fair shot” on crypto payments

In the newly released media piece David Marcus, Facebook’s crypto pioneer, shared his topic of “Good stablecoins, currency protocols, and digital wallets: a formula to repair our damaged payment system” and shared his views on economic inequality, regulatory challenges, and Novi’s stablecoin solutions, etc. Views of the topic.

Marcus has been building Diem’s ​​crypto wallet Novi for the past few years-an interoperable digital wallet designed to integrate with the Diem payment system. It aims to allow individuals and businesses all over the world to easily transfer money and completely change the ancient financial payment system.

In this article, Marcus cited the 1.7 billion unbanked people in the world and the reported 62 million Americans who did not maximize their financial potential through current banking service providers. This is an innovation in the industry. main reason.

Regulators and policymakers lack a sense of urgency in capturing the seismic potential of cryptocurrency and blockchain, and Marcus continues to be confused:

“In the United States, … our payment infrastructure is arguably the worst of any developed country in the world, and it is getting lagging behind. China is advancing infrastructure construction at an unwavering speed, making the digital renminbi a challenge. The U.S. dollar is the world’s reserve currency.”

The executive chairman of Ripple also expressed a similar view View Last year, wrote that the United States is losing the “technological cold war” with China to control the “next-generation financial system.”

As early as 2019, Diem (renamed from Libra) proposed to create a native cryptocurrency for use on Facebook’s own Instagram, WhatsApp and Messenger platforms, and may compete with the sovereignty of traditional fiat currencies such as the U.S. dollar.

This bold approach caused anger, prompting the team to quickly backtrack to further consider its business model. After various public back and forth in the past few years, Diem and Novi are now two single products that will be launched in 2021.

Under Marcus’ vision, Novi is still keen on pursuing a stablecoin method, and believes that now is the best way to combine “cheaper, faster, more secure, interoperable and programmable underlying payment network” with efficient encrypted stablecoins opportunity.

“We are a challenger in the payment industry, and we will provide free domestic and international person-to-person payments for those using Novi Wallet,” he claimed.

He also mentioned that Novi Wallet needs to support NFT, and pointed out that traditional contracts and titles will be replaced by smart contracts.

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According to reports, Novi has “constructive consultations” with regulators and policymakers around the world, and has obtained regulatory permits or approvals from almost every state in the United States.

Marcus wrote twice that despite the well-documented trust issues surrounding Facebook’s data records, Novi deserves “fair treatment” in terms of its financial ambitions. Innovation should not be stifled, but should be embraced.Similar language is also mentioned in his “Benefits of Doubt” Plead end of last year.

In his final thoughts, Marcus shared his passionate belief that delaying the launch of the Novi wallet is “unreasonable”, but he never revealed a specific date.