Where is the Libra Association located?
The Association is an independent membership organization headquartered in Geneva, Switzerland.
What is the purpose of the Libra Association?
The Association’s purpose is to coordinate and provide a framework of governance decision-making for the Libra network and Libra Reserve; oversee the operation and evolution of the Libra payment system; facilitate the provision of services on top of the Libra Blockchain in a safe and compliant manner; and establish social impact grant-making in support of financial inclusion.
Who governs the Libra Association?
The Association is governed by the Libra Association Council, which is comprised of one representative per Association Member. Each Council representative is entitled to one vote on each matter brought to the Council for approval. Together, they make policy decisions on the governance of the Libra network, the Libra payment system, and the Libra Reserve.
What is the Libra payment system?
The Libra payment system incorporates three aspects that work together to create a more inclusive financial system: 1) A secure, scalable, and reliable blockchain as the technological backbone of the payment system; 2) Libra Coins that are backed by a reserve of assets made up of cash or cash equivalents and very short-term government securities; and 3) Governance by the independent Libra Association and its subsidiary Libra Networks, tasked with developing and operating the payment system.
Is the Libra payment system safe?
Safety and security are the Libra Association’s highest priorities. Our goal is to develop a system designed to ensure compliance with applicable laws and regulations while supporting our objectives of openness and financial inclusion. Integrated safeguards enable people and businesses to trust the security and integrity of the Libra payment system.
Why is the Libra payment system built on an open-source blockchain?
Because it is intended to address a global audience, the software that implements the Libra Blockchain is open source — designed so that anyone can build on it and billions of people can depend on it for their financial needs. We believe this is an important way to help lower barriers to entry and encourage interoperability and competition to facilitate frictionless payments for more people.
What is blockchain?
Blockchain is a technology that can safely store transaction records on a peer-to-peer network instead of storing them in a single location. Independent servers around the world, called nodes, make up the network that operates the blockchain.
What are Libra Coins?
Libra Coins are single-currency stablecoins (e.g., ≋USD, ≋EUR, and ≋GBP) and a multi-currency coin (≋LBR) supported on the Libra payment system.
What is a Libra single-currency stablecoin?
A Libra single-currency stablecoin is a digital asset that has a specific face value in one fiat currency. Libra single-currency stablecoins will be fully backed by the Libra Reserve, which will consist of cash or cash equivalents and very short-term government securities denominated in the same currency as the stablecoins.
What is a Libra multi-currency coin (≋LBR)?
≋LBR is a digital composite of some of the single-currency stablecoins available on the Libra network and can be used as an efficient cross-border settlement coin as well as a neutral, low-volatility option for people and businesses in countries that do not have a single-currency stablecoin on the network yet.
Are Libra Coins available now?
Not yet! Over the coming months, the Association will be working to develop and grow the Libra payment system.
How can I get Libra Coins?
We expect most users will be able to buy Libra Coins through exchanges that list Libra Coins or through the applications that will be built on the Libra Blockchain, including digital wallets and other financial products and services.
How can I use Libra Coins?
Libra Coin holders can use Libra Coins for everyday use to purchase goods and services, transfer Libra Coins to other users, or convert the Libra Coins into local currency.
In what countries is it permissible to use Libra Coins?
We expect that the use of Libra Coins will be permissible in all countries where the use of virtual currency is allowed, although certain business activities and transactions involving Libra Coins may be subject to regulation.
What is the Libra Reserve?
The Libra Reserve is administered to preserve the value of Libra Coins over time. The Reserve will hold, in cash or cash equivalents and very short-term government securities, an amount at least equal to the face value of each Libra Coin in circulation.
How do I get involved?
If you believe in what the Libra network could do for billions of people around the world, share your perspective, and join in. Your feedback is needed to make financial inclusion a reality for people everywhere.
If you are a researcher or protocol developer, a preview of the testnet is available under the Apache 2.0 Open Source License, with accompanying documentation. The testnet is still a prototype under development, but you can read, build, and provide feedback right away.