Facebook has now no need to answer queries about the unveiling of its Novi wallet as it introduced a tiny pilot of digital wallets in two countries, the United States and Guatemala. However, only a restricted number of persons will be allowed to use the Novi Wallet. The social networking giant has rolled out the digital wallet after two years of its announcement. But this latest declaration has raises a number of queries as it has unveiled without the significant feature Diem cryptocurrency, previously known as Libra. People will be able to send and accept USDP conveniently, safely, and with no charges with the help of Paxos stable coin. This free digital wallet will be available in the form of a smartphone application both on the Play Store and iPhones’ App Store.
Coinbase will also work with Paxos as the safekeeping collaborator that will grasp the reserves for the pilot. This can be a half step as the platform is preparing to swap the USDP with Diem in the future after the approval from Govt. The digital wallet is completely emphasizing American and Guatemala users to deliver and receive Pax Dollars. The main purpose of the platform is to give a secure way to people to use financial services without having an account in the bank.
The digital wallet of the platform is having a blockchain tool so that it can transfer the currency online. The value of USDP will be equal to the American Dollar, i.e. (1USDP=1USD). If a person sends Pax Dollars to his family or friends, they can take out that digital currency in their native cash. They can also save that money in their Novi wallet or withdraw it in the form of cash. They can also transfer such an amount to their regular bank account.
However, the major problem that the platform is facing is the handling of large data. The platform has already many allegations of mishandling the data of millions of users. Therefore, users cannot trust the platform due to privacy issues. Those users who have trust and want to use the Novi wallet will have to provide the national identity card and a debit card to add currency. Novi has explained that the data received from the people will be kept isolated from the social network. The activities of people on Novi wallet will never be shared or dispatched on Facebook profiles. Novi will only share the information with the social platform while keeping in mind the laws and the data will also not be shared for advertisement.
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Coinbase will also work with Paxos as the safekeeping collaborator that will grasp the reserves for the pilot. This can be a half step as the platform is preparing to swap the USDP with Diem in the future after the approval from Govt. The digital wallet is completely emphasizing American and Guatemala users to deliver and receive Pax Dollars. The main purpose of the platform is to give a secure way to people to use financial services without having an account in the bank.
The digital wallet of the platform is having a blockchain tool so that it can transfer the currency online. The value of USDP will be equal to the American Dollar, i.e. (1USDP=1USD). If a person sends Pax Dollars to his family or friends, they can take out that digital currency in their native cash. They can also save that money in their Novi wallet or withdraw it in the form of cash. They can also transfer such an amount to their regular bank account.
However, the major problem that the platform is facing is the handling of large data. The platform has already many allegations of mishandling the data of millions of users. Therefore, users cannot trust the platform due to privacy issues. Those users who have trust and want to use the Novi wallet will have to provide the national identity card and a debit card to add currency. Novi has explained that the data received from the people will be kept isolated from the social network. The activities of people on Novi wallet will never be shared or dispatched on Facebook profiles. Novi will only share the information with the social platform while keeping in mind the laws and the data will also not be shared for advertisement.
Read next: Facebook reportedly intends to rename its company, prefers to be recognized for its focus on the metaverse