Senators call on Facebook to shelve Novi cryptocurrency project
Senate Democrats called on Facebook to end its digital wallet and cryptocurrency project in a letter to chief executive Mark Zuckerberg Tuesday, saying that the company “cannot be trusted to manage cryptocurrency.”
The letter comes hours after Facebook launched Novi, a new digital wallet, as part of a “small” pilot program in the US and Guatemala. Facebook first announced its plans to enter the cryptocurrency industry over two years ago, but the digital currency project, called Libra, was halted after heavy criticism from lawmakers and regulators. The Libra currency was later rebranded as “Diem,” which has yet to be released alongside the new wallet product.
In their letter, Sens. Brian...