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Read the fine manual. This may be interpreted as: "You have asked a question which would best be answered by consulting the manual or FAQ, or other help files , a copy of which should be in your possession. The question you have asked is clearly answered in the manual and you are wasting time asking people to read it to you. An additional long-term goal of the Association is to develop and promote an open identity standard.

We believe that decentralized and portable digital identity is a prerequisite to financial inclusion and competition. In addition, the Association aims to build an open, transparent, and competitive market for network services and governance where new participants face the lowest possible barriers to entry. For more on the Association, please read here. The Association envisions a vibrant community of developers building apps and services to spur the global use of the Libra network.

The Association defines success as enabling any person or business globally to have fair, affordable, and instant access to their money. For example, success means that a person working abroad has a fast and simple way to send money to family back home, and a college student can pay their rent as easily as they can buy a coffee. Our journey is just beginning, and we are asking the community to help. 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. It has been an important nine months since our initial announcement of the Libra project. The Libra Association has had many helpful discussions with regulators, central bankers, elected officials, and various stakeholders around the world to determine the best way to marry blockchain technology with accepted regulatory frameworks. Further, the Association participated in conversations for the G7 report on stablecoins , and engaged in constructive dialogue with international stakeholders such as the Financial Stability Board, World Bank Group, International Monetary Fund, Bank for International Settlements, Inter- American Development Bank, World Economic Forum, and central banks and financial system authorities in jurisdictions around the world.

It has also been exciting to see thousands of developers engage with the open-source Libra Blockchain code, and their work has made millions of test transactions on the Libra testnet.

The Association has elected a board of directors, added new Members, and established a strong, independent operating cadence. Most importantly, international discussion around financial innovation and inclusion has accelerated.

Operating a payment system that can support responsible financial services innovation requires ongoing engagement with key stakeholders at regional, national, and international levels. We believe that lowering the barriers to entry to the modern financial system should not lower the bar of strong regulatory standards. Looking ahead, the Association will continue to engage in constructive international dialogue about how to harmonize regulatory standards, approaches to consumer protection, and extending the perimeter of payments to include marginalized communities.

The Association remains committed to public-private collaboration to deliver financial system innovations. Indeed, as the prospect of central bank digital currencies CBDCs becomes a reality, the expectation that the Libra payment system will be capable of being upgraded to support these public sector innovations is a design principle we aim to deliver. Over the coming months, the Association will work with the community to gather feedback on the Libra Blockchain testnet and bring it to a production-ready state.

In particular, this work will focus on ensuring the security, performance, and scalability of the protocol and implementation. The mission of the Libra Association is to enable a simple global payment system and financial infrastructure that empowers billions of people.

With more than 1. Since the release of the first Libra white paper on June 18, , the Association has incorporated feedback from policymakers, regulators, and other stakeholders who have materially improved the design of the project. We are hopeful these changes ensure that the Association can achieve its ultimate goal of modernizing payment infrastructure and creating a core transport layer for value that is low-cost, interoperable, and compliant.

We are grateful for the engagement and commitment that so many organizations and individuals have demonstrated in helping define this opportunity for the world. We remain fully committed to the mission and are eager to begin delivering on it. Accessed: May 15, Klapper, D. Singer, S. Ansar, and J. The Global Findex database Measuring financial inclusion and the fintech revolution. World Bank Group, Accessed: May 15 Mobile phones: Pricing structures and trends.

We reserve the right to supplement the information contained herein as necessary to ensure the accuracy of such information. Please note that the summary definitions presented here are for informational purposes only and are based on proposed concepts that may be subject to change. White Paper v2. Four key changes have been made to address regulatory concerns that deserve specific attention, each of which is addressed briefly below and then in more depth in the updated white paper: Offering single-currency stablecoins in addition to the multi-currency coin.

Enhancing the safety of the Libra payment system with a robust compliance framework. Forgoing the future transition to a permissionless system while maintaining its key economic properties.

Building strong protections into the design of the Libra Reserve. As we embark on this journey together, we think it is important to share our beliefs to align the community and network we intend to spark around this initiative: We believe that many more people should have access to financial services. We believe that people have an inherent right to control the fruit of their legal labor.

We believe that global, open, instant, and low-cost payment networks create immense economic opportunities and more commerce across the world. We believe that people will increasingly trust distributed forms of governance. We believe that an open and broadly interoperable payment network should be designed and governed with high standards of compliance.

We believe that we all have a responsibility to help advance financial inclusion, support ethical actors, and continuously uphold the integrity of the payment system. Section 02 The Libra Payment System. The Libra project will be made up of three parts that work together to create a more inclusive financial system: A secure, scalable, and reliable blockchain as the technological backbone of the payment system; Libra Coins that are backed by the Libra Reserve of assets made up of cash or cash equivalents and very short-term government securities; and Governance by the independent Libra Association and its subsidiary Libra Networks, tasked with developing and operating the payment system.

Section 03 The Libra Blockchain. Through the process of evaluating existing options, we decided to build a new blockchain based on the following three requirements: Able to scale to billions of accounts, which requires high transaction throughput, low latency, and an efficient, high-capacity storage system.

Highly secure to ensure the safety of funds and financial data. Flexible, so that it can power future innovation in financial services. This next section highlights three decisions regarding the Libra Blockchain: Designing and using the Move programming language.

Adopting and iterating on widely adopted blockchain data structures. Section 04 Economics and the Libra Reserve. Early redemption haircuts, which would impose a fee for instant redemptions and require coin holders to internalize their negative externality i. The goal of both these measures would be to slow the speed of a run on the Reserve. Section 05 Compliance and the Prevention of Illicit Activity. Conducts due diligence on Association Members, Designated Dealers, and validators.

Controls the process of minting and burning Libra Coins. Establishes compliance standards for network participants, and implements protocol-level and other compliance controls. Entity: Association Members Participate in Association governance.

Will be subject to periodic due diligence by the Association. Entities that perform exchange, custody, or other similar financial services for customers on the Libra network. In addition, certain other VASPs will be subject to a risk-based compliance certification process by either the Association or a third-party service provider applying standards set by the Association or one of its subsidiaries Certified VASPs.

The Association may consider establishing transaction and address balance limits on a certain Regulated and Certified VASP commensurate with its risk profile, if appropriate. These addresses will be subject to controls, among them transaction and address balance limits that, along with other controls, will be enforced by the protocol. Association will create a comprehensive Compliance Program The Association will implement a comprehensive Compliance Program designed to meet or exceed relevant laws and requirements.

Designate a committee with oversight reporting responsibilities. Create an FIU-function to facilitate monitoring for potential suspicious and sanctioned activity on the Libra network, increasing the safety and compliance of the network. Perform relevant employee training. An entity that seeks treatment as a Regulated VASP must submit a request for approval to the Association or one of its subsidiaries containing at minimum: Proof of licensing or registration in a FATF member jurisdiction where such license or registration permits the licensee or registrant to perform VASP activities; Representation that the entity has obtained all licenses and registrations required in the jurisdiction in which it is located and operates.

Based upon the information provided by the entity and the performance of appropriate risk-based due diligence on the entity, the Association or one of its subsidiaries will verify that the entity is properly licensed or registered as a VASP in a FATF member jurisdiction, or is an entity that is registered or licensed in a FATF member jurisdiction and is permitted to perform VASP activities under such license or registration; Demonstration of a reasonable risk-based regulatory compliance program and controls.

Unhosted Wallet activity for users will be subject to transaction and address balance limits and other controls The Association believes it is important that the Libra network permits direct access by non-VASPs, namely Unhosted Wallets, as a means of enabling financial inclusion, providing broad access to financial services, and fostering innovation and competition: Financial inclusion: The goal of the Association is for the Libra network to be as inclusive as possible within the current regulatory framework.

Automated protocol-level compliance controls will apply for all on-chain activity The Association will include certain compliance controls directly in the Libra protocol. The following are some of the compliance controls that will be implemented as part of the Libra protocol: Sanctioned addresses: Protocol-level controls will apply to all network participants, including Unhosted Wallets and VASPs, and automatically prevent transactions involving blockchain addresses identified by authorities as associated with sanctioned persons sanctioned blockchain addresses.

In addition, these controls can be used to restrict amounts stored in sanctioned blockchain addresses. Sanctioned jurisdictions: Protocol-level controls will automatically prevent transactions originating from IP addresses associated with sanctioned jurisdictions. Unhosted Wallet limits: Protocol-level controls will enforce transaction and address balance limits on Unhosted Wallets.

Association will develop an off-blockchain Travel Rule protocol The Association will develop an off-blockchain protocol to facilitate compliance by Regulated and Certified VASPs with applicable Travel Rule and record-keeping requirements.

Cooperating with Libra network participants Regulated and Certified VASPs and Designated Dealers operating in the Libra network will maintain their own compliance programs that will be subject to periodic reviews by the Association or one of its subsidiaries, or a vetted third-party service provider as part of its risk-based due diligence. Detecting suspicious activity and protocol compliance control evasion An important goal of the FIU-function will be to detect suspicious activity and deter attempts to evade protocol compliance controls, which includes the evasion of sanctions geoblocking, as well as transaction and address balance limits.

Section 06 An Open and Competitive Network. Some of the most important objectives of a permissionless network that we propose to incorporate are the ability of new entrants to compete for: The provision of payments and financial services to businesses and consumers.

The opportunity to run independent validator nodes that increase the security and reliability of the Libra consensus protocol by having non-correlated failure risks. Active participation in the governance and evolution of the Libra project. Potential applicants will submit an application that could cover dimensions such as: Basic information proving that the applicant satisfies the membership requirements, including compliance due diligence.

Section 07 The Libra Association. If you are a researcher or protocol developer, a preview of the Libra testnet is available under the Apache 2. The testnet is still a prototype under development, but you can read, build, and provide feedback right away. The Association is committed to building a community-oriented development process and opening the platform to developers.

These will be published shortly. If your organization is interested in applying for social impact grants from the Association, read more here. The Libra Blockchain: Over the coming months, the Association will work with the community to gather feedback on the Libra Blockchain testnet and bring it to a production-ready state. The Association will construct well-documented APIs and libraries to enable users to interact with the Libra Blockchain.

The Association will institute a procedure for Libra Improvement Proposals LIPs , open to community participation and scrutiny, where material changes to the protocol and software that support the Libra Blockchain will be discussed and reviewed.

The Association will create a framework for the collaborative development of the technology behind the Libra Blockchain using the open-source methodology. The Association will perform extensive testing of the Libra Blockchain, which will range from tests of the protocol to constructing a full-scale test of the network in collaboration with entities such as wallet services and exchanges to ensure the system is working before launch.

The Association will work to foster the development and deployment of the Move language, allowing developers to use the safeguards inherent to the Move language to develop innovative financial applications. This will entail collaboration with regulators on defining appropriate safeguards for third-party publishing of smart contracts as well as an exploration of other financial programming contexts that would benefit from the innovations in Move.

The Libra Reserve: The Association will establish custody agreements with a geographically distributed and regulated group of global institutional custodians for the Reserve. The Association will establish operational procedures for the Reserve to interact with Designated Dealers and ensure high-transparency and auditability.

The Libra Association: We will work to grow the Association Council through open, transparent, and competitive processes to further increase the geographic distribution and diversity of Association Members. The Association will establish a Financial Intelligence Function FIU-function that will support and govern network-wide financial integrity.

The FIU-function will become a center of excellence promoting best practices and techniques for the safe operation of blockchain-based payment systems. Rules for Winter Timed Events. Rodeo Management System. Rodeo Schedule. Rule for Summer Events. Finals Qualifications: 5 Mother Rodeos and money won are needed to attend the finals. In the standings there are two numbers after your name, the first number is Mother Rodeos and the 2nd number is non FCA rodeos.