Facebook has changed the name of its digital currency wallet to Novi

Facebook’s digital currency project is still going ahead but it’s now been blessed with a new name: Novi.

The Libra Association, the independent non-profit organisation which oversees and governs the Libra coin, announced the plans to launch its new cryptocurrency last June. The idea was that it could provide a digital payments system in different countries that would facilitate online payments in an affordable and secure way without the use of a bank account.

At the time, 28 groups pledged to become backers and integrate the tech into their services, including Uber and Spotify. However it has run into issues, such as the G7 declaring it shouldn’t go ahead until it is safe and secure, and the likes of Visa, Mastercard, eBay and Stripe all withdrawing from the Libra Association.

Even last month, the association announced it would change its plans for the Libra project in order to secure regulatory approval. As part of these plans, the digital currency would be linked to individual national currencies and overseen by global regulators, instead of its original plan which was to offer a single coin based on the value of multiple currencies.

Facebook is rebranding the wallet from Calibra to Novi, and said plans for Novi have not changed, which means eventually users will be able to use it as a standalone app to send and receive money, as well as in Facebook’s other apps such as Messenger and WhatsApp.

Laura Morgan Walsh, head of operations at Novi, said: “At Novi, we are striving to make money move more freely around the world and to help people access affordable financial services.”

Novi was set to launch this summer, however, according to earlier reports by The Information, this is more likely to be in October now. Faecbook hasn’t confirmed a launch date yet for the Novi wallet, however, it says it hopes to introduce an early version of Novi in certain countries initially before rolling it out further.

The project has been beset by issues and delays, however, despite these issues Facebook appears to still be forging ahead with the cryptocoin.

source: standard.co.uk