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Facebook: Change to current “antiquated” fiat system is “long overdue”
On Wednesday, Facebook’s David Marcus dedicated a blogpost to the company’s stablecoin project Diem. The social media giant noted that the global payments system is seriously flawed and that they have the capacity to fix this.
Commenting on the current fiat system, the executive wrote:
“…. than the current antiquated system, which leaves too many people behind and has proven to be resistant to innovation. The current payment rails, in fact, have seen only minimal innovation since the creation of the first credit card network more than six decades ago.”
Marcus, former PayPal executive was hired in 2018 to lead Facebook’s blockchain efforts, said that its digital wallet subsidiary, Novi, is “ready to come to market.” The company has spend the past 2 years building the interoperable digital wallet that will allows users to effortlessly transfer money all across the globe.
About Novi’s reason for existence, he added:
“We feel that it’s unreasonable to delay delivering the benefits of cheaper, interoperable, more accessible digital payments.”
The blog post comes after Facebook’s stablecoin project faced some obstacles. First introduced as Libra in June 2019, it caught resistance from global regulators. It later was rebranded as Diem awaiting its launch
While offering fiat currency within Novi would still be of value, Marcus added that he “strongly believes that if there was ever a chance to create an open, interoperable protocol for money on the internet and truly change the game for people and businesses around the world, it is now.”
The blog post also detailed that Facebook has secured licenses in nearly every state in the U.S., and that the company would not launch anywhere without “such clearances”. He further stressed that the Diem Association has become “an independent entity conducting its own dialogue with US and global regulators.”
On the essential topic of anti-money laundering and the project’s compliance, the post read:
“When it comes to anti-money laundering, counter-terrorist financing, sanctions and tax compliance — well-designed stablecoins and their ecosystem of wallets have the potential to improve upon the traditional implementation of those controls.”
The blog ended with the following statement:
“Change is long overdue. It’ll happen one way or another. Novi is ready to come to market. It’s regulated, and we’re confident in our operational ability to exceed the high standards of compliance that will be demanded of us. “
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Author: Peter Siu