Facebook revealed earlier on the “Libra” project, a project with the aim of creating a digital currency run by a non-profit association made up of a group of members overseeing the project.

While “Calibra” is a Facebook subsidiary that is working on building a digital wallet for the “Libra” currency, to later integrate it into “WhatsApp” and “Messenger.”

Facebook announced through her official blog The company has announced that its portfolio has been renamed from “Calibra” to “Novi”.

Facebook, by changing the brand from “Calibra” to “Novi”, aims to clarify the image that the “Libra” project is not a Facebook project in itself, as Facebook is a member of the “Libra” association consisting of dozens of other members, such as:

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The Libra network is supposed to operate independently of Facebook, while Novi is an entirely Facebook project headed by David Marcus.

According to Facebook, “Novi” comes from the Latin term “novus,” which means new way.

Novi’s first product will be a cryptocurrency wallet, which can be downloaded as an app on the phone, although you don’t need a Facebook or WhatsApp account to create a Novi account.

However, the wallet can be accessed directly in “Messenger” and “WhatsApp”, where it is possible with a few clicks to send and receive money through the “Novi” wallet, according to the description of the Facebook company.

Facebook wants to reassure regulators that it will act to combat money laundering and prevent the financing of suspicious operations through its Know-Your-Customer (KYC) process.

When you sign up for Novi, you will first have to take a photo of a government-issued ID.

Novi does not provide a method to send money anonymously:

Novi promises instant transactions and “no hidden fees” for cross-border money transfers and local payments.

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It’s unclear if “Novi” means there won’t be any or there will be fees but the company will be transparent about it.

Facebook confirmed that Novi will follow KYC measures to prevent anonymous money transmissions.

The Libra Association recently updated the project paper and made important changes to the cryptocurrency protocol.

As the association will no longer build a global stablecoin linked to a basket of fiat currencies and securities, there will be many stablecoins backed by fiat currencies such as the US dollar, the British pound, the euro.

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Novi users, as well as people using other Libra-enabled wallets, will be able to send and receive “LibraUSD”, “LibraEUR”, “LibraGBP” or “LibraSGD”, as if Libra was just digitizing fiat currency.

Novi will also act as an intermediary for converting fiat money into cryptocurrency and converting cryptocurrency into fiat currencies.

Facebook plans to launch its wallet to coincide with the launch of the Libra network, and only a limited group of countries will have access to the service initially.

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