David Marcus – board member of the Diem Association and head of the Novi digital wallet – revealed in a recent blog post that the Diem payment system has been licensed in almost every state.
Diem as a global payment system
Marcus revealed the news in the middle of a recent Medium post titled Good stablecoins, a protocol for cash and digital wallets: the formula for fixing our broken payment system. The purpose of the post was to explain why stablecoins could solve a number of problems in the current international payments system and why Facebook took it upon themselves to create the right currency, network and wallet for it
I firmly believe that if there was ever a chance to create an open, interoperable protocol for money on the Internet and really change the game for people and businesses around the world, it is now. The fact that we are participating, as members of the Diem Association, and in other ways, can help bring more companies around a standard, and I don’t want us to waste our chance.
After outlining many possibilities, including how a global stablecoin network can help bankroll the unbanked and help the US maintain the dollar’s power as the world’s reserve currency, Marcus defends Facebook’s legitimacy as a provider of such a stablecoin and network. . He observes Diem’s licensing and state approvals in the process:
We have remained true to these commitments and engaged in constructive consultations with regulators and policy makers around the world. In the United States, we guarantee licenses or approvals for Novi in almost every state and we will not launch anywhere where we have not yet received such authorizations.
Marcus concludes by stating that Novi is “ready to enter the market” and meet all the needs around “where is the future of money going”, strictly obeying the regulators.
Diem Potential and Power of Facebook
Given that Diem could be set to launch by the end of this year and that the current stablecoin Tether lead is currently chased out of concerns about lack of sufficient guarantees, it is quite possible that Diem becomes a leading stablecoin, and perhaps even a leading cryptocurrency altogether. After announcing itself as “Pound” in 2019, the company faced scrutiny and hostility from major payment networks for fear they were trying to establish a “single global digital currency” managed by Facebook.
In his blog post, Marcus further assures readers that Facebook has no “sinister plan” with its network and that its primary focus is “addressing big issues to people at scale”.
Source: Crypto Potato