A limited number of citizens of the United States of America (USA) will be able to send and receive money on WhatsApp using the cryptocurrency wallet called Novi, Stephan Kasriel, the VP of Product at Novi announced. Novi is a cryptocurrency wallet developed by Meta, formerly Facebook. When someone adds money to their Novi account through WhatsApp, it will be converted to USDP (Pax Dollar), which is a stable digital currency issued by Paxos Trust Company, a regulated financial institution in the USA. "USDP is designed to have a stable value relative to the US dollar. So on Novi, 1 USDP is equal to 1 US dollar," Novi's website said. https://twitter.com/skasriel/status/1468722866716016643 This is an important development considering India is one of WhatsApp's largest markets. Its timing is also interesting since a bill that will possibly regulate the usage of cryptocurrency and also introduce India's central bank-backed digital currency is likely to be scheduled in the country's Parliament during the ongoing Winter Session. Using Novi doesn't change the privacy of WhatsApp personal messages: Kasriel Novi encrypts your sensitive financial information and the documents you upload, like your photo ID. Using Novi does not change the privacy of your WhatsApp personal messages and calls, which are always end-to-end encrypted -- Novi in its website The cryptocurrency wallet also said that it has embedded controls that enable 24/7 monitoring to detect and flag "suspicious" activity. "If we determine a transaction is unauthorized, we will provide a full refund back to your Novi balance,"…
- NCPCR calls for MeitY to take action against ULLU for explicit content March 4, 2024
- Dhruv Rathee Proposes To Blur Visuals Referring to Dabur’s ‘Real’ Fruit Juice In Video For Amicable Settlement: Report March 4, 2024
- MapmyIndia Earnings Q3FY2024: Company talks about expanding its drone business model March 4, 2024
- Google partners with Indian news publishers and fact checkers to combat deep fakes March 4, 2024
- Delhi Court Directs Bloomberg to Take Down Alleged Defamatory Article on Zee Entertainment Enterprises Ltd March 4, 2024
The Commission received complaints against ULLU by the group ‘Gems of Bollywood’, for sharing “extremely obscene and objectionable content secretively to its subscribers, including...
Dhruv Rathee Proposes To Blur Visuals Referring to Dabur’s ‘Real’ Fruit Juice In Video For Amicable Settlement: Report
This case highlights a curious intersection of copyright and critique in the digital content world.
Google will also provide news organizations and fact checkers with essential training in advanced fact-checking methodologies, deepfake detection, and Google tools like the Fact...
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Views: Response to NPCI CEO’s comments that what is not written in regulations is a no-go for fintech entities
NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...
Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...
The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...
Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...
Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...