Facebook is struggling to solve a "trust deficit" that comes from Washington as the social network wants to launch its digital wallet Novi by the end of the year. According to Axios, David Marcus, head of Facebook Financial, already visited Washington last week where he met met with "key regulatory stakeholders about Novi."
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"If there is one thing we need, it is the benefit of the doubt. [We are] starting with a trust deficit that we need to compensate," Marcus told Axios in an interview.
As for the deadline, the social network plans to launch Novi in the market by the end of 2021 "no matter what," Marcus highlighted cryptocurrency-based payment systems will help to "really lower the bar for accessibility to a modern financial system" and he hopes that Washington "is more receptive" because the financial industry has changed significantly.
Earlier in August, Marcus said that Facebook's native stablecoin dubbed Diem is ready to come to market. He noted that the stablecoin is already regulated, and Facebook Financial is confident in its operational ability to exceed the "high standards of compliance."
He also argued there is no need to delay the launch of new digital payment systems to achieve cheaper and interoperable way of transferring money.
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