Facebook changes name of digital wallet linked to Libra cryptocurrency

Facebook has changed the name of the digital wallet to be used with its new cryptocurrency, the latest in a number of changes to the digital currency and its ecosystem.

The virtual wallet associated with the Libra virtual currency will now be known as Novi.

When first announced last year, the wallet was known as Calibra.

The change is the latest in a series of tweaks to the Libra network since its unveiling last June, following intense scrutiny from global banks and regulators.

Last month, Facebook scaled back its plans for the cryptocurrency in a bid to secure regulatory approval.

It said the digital currency will be linked to individual national currencies and will be overseen by global regulators as part of a major revamp.

Previously, it had been planned that Libra would be backed by a wide mixture of currencies and government debt.

However, central banks and watchdogs said this raised concerns that it could destabilise monetary policy and facilitate money laundering.

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