Novi replaces Facebook's Blockchain Division Calibra after Libra Confusion.

Novi replaces Facebook's Blockchain Division Calibra after Libra Confusion.

Facebook Inc. has renamed its blockchain division, called Calibra to “Novi”, to avoid the confusion of it’s Libra digital currency.

Upon completion, the coin will be used as a digital wallet for Facebook’s apps but the coin will not be controlled by Facebook.

According to the head of Facebook’s blockchain David Marcus, “People were confusing Libra and Calibra all the time, In hindsight, it’s hard to blame them.”

“Novi” is now the name exchanged for Calibra. According to Facebook, in a blog post on Tuesday, “This blockchain division, Novi is a combination of two Latin words:  Novus, meaning “new,” and via, meaning “way,  ” Facebook’s digital wallet will also be called Novi. They added.

When Facebook and its partners made public the Libra digital currency in June of 2019, its vision was to create a global currency freely used across borders. After the announcement, the project has faced roadblocks from many quarters including politicians.

Marcus in an interview revealed that some people thought that Facebook’s Calibra wallet was the only way to hold or spend the Libra digital currency, which is not the case. The coin is developed for others interested in building a digital wallet to hold the Libra, but the similarity in names has raised concerns.

Renaming Facebook’s blockchain division, which is building products to complement the coin, could alleviate some confusion, Libra is governed by an association of 27 companies and nonprofit organizations of which Facebook is a member. The confusion that has trailed the coin often referred to as Facebook coin, even though Facebook has argued it has no control over the current has raised a Facebook controlled global currency skepticism among politicians in Europe and in the United States.

According to Marcus, Libra Association members “want to be on equal footing with everyone else.

The decision wasn’t driven by regulatory concerns, though acknowledged the name change could change some perceptions, said Marcus.