David Marcus, vp of messaging merchandise for Fb Inc., speaks throughout a Bloomberg Tv interview on the sidelines of the Wall Road Journal D.Stay international know-how convention in Laguna Seaside, California, U.S., on Wednesday, Oct. 18, 2017.Patrick T. Fallon | Bloomberg | Getty ImagesFacebook introduced Tuesday it is renaming and rebranding its digital pockets from Calibra to Novi.The hassle, which debuted final yr, is a part of the corporate’s bold plan to enterprise into the digital foreign money house. Fb is backing a digital cost system known as Libra, with the intention of constructing it simpler for folks to ship cash the world over. Whereas Libra shall be run by a nonprofit affiliation supported by a variety of firms and organizations, Fb homes Novi, a digital pockets for storing and exchanging the digital coin.Nonetheless, the venture rapidly drew concern from policymakers around the globe who fear it might closely disrupt the monetary system, threat potential cash laundering and compete with fiat currencies such because the U.S. greenback. Fb says Novi would require verification with a government-issued ID and that the Novi pockets app could have “fraud protections” in-built.An early model of Novi shall be launched in choose international locations as soon as Libra is offered and it has secured the mandatory licenses and approval, Fb mentioned. Novi will let folks ship cash to at least one one other via an app or via Fb Messenger and WhatsApp.Fb mentioned the title Novi comes from the Latin phrases “novus” for “new” and “by way of” for “manner.”Subscribe to CNBC on YouTube.