{"id":327192,"date":"2021-08-18T21:23:45","date_gmt":"2021-08-18T18:23:45","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/facebooks-david-marcus-calls-for-fair-shot-at-crypto-payments\/"},"modified":"2021-08-18T21:23:45","modified_gmt":"2021-08-18T18:23:45","slug":"facebooks-david-marcus-calls-for-fair-shot-at-crypto-payments","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/facebooks-david-marcus-calls-for-fair-shot-at-crypto-payments\/","title":{"rendered":"# Facebook\u2019s David Marcus calls for \u201cfair shot\u201d at crypto payments"},"content":{"rendered":"

“# Facebook<\/a>\u2019s David Marcus calls for \u201cfair shot\u201d at crypto payments <\/strong>”
\n<\/p>\n

In a newly published Medium piece<\/a> titled “Good stablecoins, a protocol for money, and digital wallets: the formula to fix our broken payment system”, Facebook\u2019s crypto pioneer David Marcus shared his views on topics of economic inequality, regulatory challenges and Novi\u2019s proposed stablecoin solution.<\/p>\n

Marcus has spent the last couple of years building Diem\u2019s crypto wallet Novi \u2013 a interoperable digital wallet designed to integrate with the Diem payment system. It is meant to enable individuals and businesses worldwide to transfer money with ease, revolutionizing the age-old financial payments system once and for all.<\/p>\n

In the piece, Marcus cites the 1.7 billion individuals unbanked across the world, as well as the reported 62 million Americans not maximising their financial potential with their current banking provider, as primary reasons to innovate this sector.<\/p>\n

Marcus showed continued bewilderment at the lack of urgency shown by regulatory bodies and policy makers in the capturing of cryptocurrency and blockchain\u2019s seismic potential:<\/p>\n

\u201cHere at home in America, \u2026 our payments infrastructure is arguably the worst of any developed country in the world, and increasingly falling behind, while China is moving with determination and haste to build an infrastructure that will make the digital yuan a challenger to the dollar as the world\u2019s reserve currency.\u201d<\/p><\/blockquote>\n

Ripple\u2019s executive chairman voiced a similar opinion last year, writing that the US is losing the \u201ctech cold war\u201d with China to control the \u201cnext-gen financial system.\u201d<\/p>\n

Back in 2019, Diem (rebranded from Libra), proposed to create a native cryptocurrency for usage across Facebook\u2019s owned platforms of Instagram, WhatsApp<\/a> and Messenger, and potentially rival the sovereignty of traditional fiat currencies like the US dollar.<\/p>\n

This bold approach sparked outrage, prompting the team to quickly backtrack for further consideration of its business model. After various public back and forth over the past few years, Diem and Novi are now the two singular products set to launch in 2021.<\/p>\n

Under Marcus\u2019 vision, Novi remains keen to pursue the stablecoin method, believing that now is the optimal moment to combine an \u201cunderlying payments network that\u2019s cheaper, faster, safer, interoperable and programmable\u201d with an efficient crypto stablecoin.<\/p>\n

\u201cWe\u2019re a challenger in the payments industry, and we will offer free person-to-person payments domestically and internationally for people using the Novi wallet\u201d, he claimed.<\/p>\n

He also mentioned the need for Novi wallets to support NFTs, and noted that traditional contracts and titles would be replaced by smart contracts.<\/p>\n

Related: The metaverse: Mark Zuckerberg\u2019s Brave New World<\/strong><\/em><\/p>\n

Novi has reportedly \u201cengaged in constructive consultations\u201d with regulators and policy makers around the world, securing regulatory licenses or approvals with almost every US state.<\/p>\n

On two occasions, Marcus wrote that despite well-documented trust issues surrounding Facebook\u2019s data records, Novi deserves a \u201cfair shot\u201d in its financial ambition and that innovation should not be stifled, but rather embraced. Similar language was noted in his \u201cbenefit of the doubt\u201d plea late last year.<\/p>\n

In his concluding thoughts, Marcus shared his passionate belief that it would be \u201cunreasonable to delay\u201d the launch of the Novi wallet, though never revealed specific dates.<\/p>\n