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, Author: Libra Association, translation: free and easy, published with authorization.

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On the evening of April 16, Beijing time, the Libra Association released a new version of the Libra white paper. Compared with the old version of the white paper, the new Libra design has undergone four major changes, including the introduction of single-currency stablecoins and the combination of single-currency stablecoins into a basket. Stablecoins, and then decided to abandon the transition to a permissionless system in order to obtain regulatory approval more easily. In general, the new white paper has added a lot of compliance design, which is also the largest compared to the first different.

The following is the full text translation:

• The mission of the Libra Association is to build a simple global payment system and financial infrastructure designed to benefit billions of people. In June 2019, with the first announcement of the project, the Libra Association took the first step towards a more inclusive and innovative financial system. Our goal is to establish collaborative conversations as early as possible in the journey. We have worked with regulators, central bankers, elected officials, and various stakeholders around the world to determine the best way to integrate blockchain technology with accepted regulatory frameworks. Our goal is for the Libra payment system to integrate smoothly with local currencies and macroprudential policies, and to complement existing currencies by enabling new functions, substantially reducing costs, and promoting financial inclusion.

• The association has made changes to its initial approach, many of which differ from those adopted by other blockchain projects. The goal of the association is by no means to imitate other systems, but to create an open and trusted system through association members and distributed technology, and using innovative methods of distributed governance. By doing the hard work of enhancing the traditional financial system to become programmable, interoperable, and upgradeable, we hope to enable others to leverage our efforts to build innovative, secure, and compliant financial applications for everyone Serve. We are grateful for discussions with policymakers around the world who helped us understand key issues so that we can incorporate actionable improvements into the design of the Libra payment system and roll out the plan in phases.

• This updated white paper outlines the significant work we have done on the design of the Libra payment system since June 2019. To address regulatory issues that deserve special attention, we have made four key changes, each of which is briefly described below and then elaborated in greater depth in an updated white paper:

• In addition to stablecoins anchoring multiple assets, we will also provide stablecoins anchoring a single currency;

Improve the security of the Libra payment system through a robust compliance framework;

Abandon the future transition to a permissionless system while maintaining the main economic characteristics of Libra;

Incorporate strong safeguards into the design of the Libra Reserve;

In addition to stablecoins anchoring multiple assets, Libra will also provide a single currency stablecoin. Although we have always hoped that the Libra network will complement fiat currencies, rather than compete with them, a major shared concern is if the Libra network reaches If the scale is quite large, and a large number of Libra currency (≋LBR) payments are made, the multi-currency endorsed Libra currency (≋LBR) may interfere with monetary sovereignty and monetary policy.

Therefore, we expand the Libra network by adding single-currency stablecoins in addition to the multi-currency-endorsed Libra coin (≋LBR). Initially start with some of the currencies in the proposed basket of ≋LBR coins (e.g., LibraUSD or ≋USD, LibraEUR or ≋EUR, LibraGBP or ≋GBP, LibraSGD or ≋SGD).

Each single-currency stablecoin will be fully backed by reserves consisting of cash, cash equivalents, and very short-term government securities denominated in that currency. We hope to work with regulators, central banks, and financial institutions around the world to expand the number of single-currency stablecoins available on the Libra network over time. And the multi-currency stablecoin≋LBR will be just a digital combination of certain single-currency stablecoins on the Libra network, which will be defined with a fixed weight, just like the International Monetary Fund (IMF) Special Drawing Rights (SDR). ≋LBR can be used as an efficient cross-border settlement currency, and can also be used as a neutral, low-volatility option for people and companies in countries that have not yet established a single currency stable currency on the network. This approach has the added benefit of allowing the network to support a wider range of domestic use cases and providing a clear path for a central bank digital currency (CBDC) to integrate seamlessly should it become available. See below for more details.

Improving the security of the Libra payment system through a robust compliance framework Our goal is to create a system that ensures compliance with applicable laws and regulations while supporting our goals of openness and financial inclusion. Integrate safeguards so people and businesses can trust the security and integrity of the Libra payment system. The Association incorporates feedback from regulators and continues to develop a comprehensive framework for financial compliance and network-wide risk management, with strong standards for anti-money laundering, countering the financing of terrorism, sanctions compliance and preventing illicit activity.

This includes establishing a Financial Intelligence Function (FIU Function) to help support and maintain operating standards for cyber actors. The Libra Network divides participants into four categories: (i) Designated Dealers; (ii) Registered as Virtual Asset Service Providers (VASPs, including exchanges and custodial wallets) in Financial Action Task Force (FATF) member jurisdictions , or are registered in a Financial Action Task Force (FATF) member jurisdiction and are permitted to carry out VASP activities under such license (Regulated VASP); (iii) VASPs who have completed the certification process approved by the Association (Certified VASP) and (iv) all other individuals and entities seeking to transact or provide services through the Libra network (non-custodial wallets).

See below for details.

Abandoning a future transition to a permissionless system while maintaining its key economic properties raises many deliberate questions about the extent of regulators' control over the Libra network, particularly the need to guard against unknown actors taking control of the system and the removal of key compliance provisions. We believe that the key economic attributes of permissionless systems can be replicated through an open, transparent, and competitive marketplace for web services and governance, while respecting the strong due diligence inherent in permissioned systems. See below for more details. Incorporate strong safeguards into the design of the Libra Reserve We have had constructive discussions with regulators on how to handle extreme situations, in particular how the Reserve will function in stressful situations, and on how the Libra currency will be held. What claims and protections are there for owners. We have incorporated other systematic approach strategies into the design and structure of the Reserve. The reserve will hold very short-dated, low credit risk, highly liquid assets and, in addition, it will maintain a capital buffer. See below for more details.

This latest Libra white paper documents the mission and mechanisms underpinning the Libra payment system, while seeking to provide additional detail on important key areas. Furthermore, we hope this document opens the door to broader public-private partnerships with the shared goals of improving global payment efficiency and expanding financial inclusion.

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1. Introduction

The advent of the Internet and mobile broadband has enabled billions of people around the world to access knowledge and information from around the world, enjoy high-fidelity communications, and a variety of lower-cost and more convenient services. These services are now available in almost every corner of the world with just a $40 smartphone.

Despite this connectivity, a significant portion of the world's population remains mobile. There are still 1.7 billion adults in the world who have not been connected to the financial system and cannot enjoy the financial services provided by traditional banks. Among them, 1 billion people have mobile phones and nearly 500 million people have access to the Internet. For many, some aspects of the financial system resemble the telecommunications networks that existed before the Internet. Twenty years ago, the average price of sending a text message in Europe was 16 cents. Today, people with less money are paying more for financial services, eroding their hard-earned income in fees such as money transfer fees, wire transfer fees, overdraft fees, and ATM fees.

Blockchain has many unique properties that can potentially solve some accessibility and trustworthiness issues. These include distributed governance, ensuring no one entity controls the network; open access, allowing anyone with an internet connection to participate; and secure encryption, keeping funds safe and secure.

• However, existing blockchain systems have yet to gain widespread adoption due to a lack of scalability and the volatility of cryptocurrencies, factors that have so far rendered existing cryptocurrencies underperforming both as a store of value and as a medium of exchange, Thus hindering their widespread use in the market.

• We believe that it is possible to combine the best aspects of innovation based on blockchain technology (distributed governance, open access, and security) with a strong compliance and regulatory framework. Establishing certain compliance requirements at the Libra protocol layer could increase the effectiveness of programs such as preventing illicit activity or anti-money laundering (AML), combating the financing of terrorism (CFT), and sanctions compliance. Developers, merchants, and consumers can all benefit from the compliance and security built into the Libra network. Technological innovation in partnership with the financial sector, including regulators and experts across industries, is the only way to ensure a sustainable, secure and credible underpinning framework for this new system. And this approach could be a huge step toward a lower-cost, more accessible, and better-connected global financial system.

• Opportunities As we embark on this journey together, we feel it is necessary to share our beliefs with the community in order to align the communities and networks that we intend to inspire around the program:

• We believe that more people should have access to financial services.

• We believe that everyone has an inherent right to control the fruits of their legitimate labor.

• We strongly believe that people will increasingly trust distributed forms of governance.

We believe that an open, broadly interoperable payment network should be designed and managed with high standards of compliance.

We believe that all have a responsibility to help advance financial inclusion, support ethical users online, and continue to maintain the integrity of this payment system.

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2. Libra payment system

• Our world truly needs a reliable, interoperable payment system that delivers on the promise of the "Internet of Money".

• Protecting your financial assets on a mobile device should be easy and intuitive. No matter where you live, what you do or what your income is, moving money around the world should be as easy, cheap and even more secure as sending a text message or sharing a photo. New product innovations and new players will help reduce the difficulty of accessing capital for everyone, while providing a smooth and seamless payment experience for more people.

• Now is the perfect time to create a new type of digital infrastructure based on blockchain technology. Libra's mission is to build a simple global payment system and financial infrastructure designed to benefit billions of people. The Libra project will consist of three components that will work together to create a more inclusive financial system:

It is built on a secure, scalable and reliable blockchain foundation;

Libra coins are backed by a reserve consisting of cash, cash equivalents, and very short-term government securities;

It is managed by the independent Libra Association and its affiliated network, responsible for developing and operating the payment system;

The Libra payment system is built on the "Libra Blockchain". Because it is intended for a global audience, the software that enables the Libra Blockchain is open source so that anyone can build on it, and billions of people can rely on it for their financial needs. Envision an open, interoperable payment system that developers and organizations will build to help people and companies hold and transfer Libra for everyday use. With the proliferation of smartphones and wireless data, more and more people will be online and using Libra through these new services. To enable the Libra network to realize this vision over time, we built the blockchain it needs from the ground up, prioritizing scalability, security, storage efficiency, throughput, and future-proofing sex. Read on for an overview of the Libra payment system, or read more about the Libra blockchain here.

Read on for an overview of the Libra Association, or read more about the Libra Association.

The Libra Association is an independent membership organization headquartered in Geneva, Switzerland. The purpose of the association is to coordinate and provide a governance decision-making framework for the Libra network and reserves, oversee the operation and evolution of the Libra payment system, promote the provision of Libra blockchain services in a safe and compliant manner, and lead the way to generate social impact. funding to provide support for financial inclusion. This white paper reflects our mission, vision and mandate. Members of the association include businesses and non-profit organizations geographically dispersed.

While the Facebook team played a key role in the creation of the Libra Association and the Libra Blockchain, it has no special rights within the association. On October 14, 2019, the founding members of the association signed a constitution of the association. This marks the official establishment of the Association's Council, which is composed of a representative from each member organization. This setup is designed to ensure that each member has the same privileges and obligations as any other member. In addition, the Council elected a five-member Board of Directors, which is responsible for the day-to-day management and representation of the Association. See below for more details on Association organization and governance.

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• 3. Libra blockchain

• The Libra Blockchain aims to be the foundation for financial services, including a new global payment system that meets the everyday financial needs of billions of people. After evaluating existing proposals, we decided to build a new blockchain based on the following three requirements:

Being able to scale to billions of accounts requires the blockchain to have characteristics such as extremely high transaction throughput and low latency, and to have an efficient and high-capacity storage system.

• Highly safe and reliable, it can guarantee the safety of funds and financial data.

• Flexible and changeable to power the future of financial services innovation.

• The Libra Blockchain is designed to fully meet these requirements, building on lessons learned from existing projects and research. The next section will focus on three decisions regarding the Libra Blockchain:

Design and use the Move programming language.

Use Byzantine Fault Tolerance (BFT) consensus mechanism.

Adopt and iteratively improve the widely adopted blockchain data structure.

Design and use of the Move programming language "Move" is a new programming language for implementing custom transaction logic and "smart contracts" in the Libra Blockchain. As the Libra Association aims to one day serve billions of people, the Move language was designed with security and reliability in mind. Move is a programming language created by learning from the security incidents related to smart contracts that have occurred to date, which inherently makes it easier to write code that matches the author's intent, thereby reducing the chance of accidental bugs or security incidents risks of. Specifically, Move is designed to prevent digital assets from being copied. It makes it possible to restrict digital assets to "resource types" that have the same attributes as real assets: each resource has only a unique owner, resources can only be spent once, and limit the creation of new resources.

The Move language also facilitates automatic verification that a transaction satisfies certain properties, for example, a payment transaction that only changes the payer and payee account balances. By prioritizing these features, Move helps maintain the security of the Libra Blockchain. Move allows for easy and secure definition of core elements of the Libra network, such as payment transfers and management of validating nodes. Finally, Move is a way to build compliance mechanisms, such as those that facilitate travel rule compliance and protocol-level sanctions screening, into the Libra network.

The Association is committed to implementing proper scrutiny and risk controls on smart contracts. First, only smart contracts approved and issued by the association can directly interact with the Libra payment system. Over time, the association will explore appropriate controls to allow third parties to issue smart contracts.

Using Byzantine Fault Tolerant (BFT) consensus mechanism The Libra blockchain adopts the BFT mechanism based on the LibraBFT consensus protocol to achieve all validator nodes agreeing on the transactions to be executed and their execution order. This mechanism achieves three important goals: first, it establishes trust in the network, because the BFT consensus protocol is designed to ensure that even if some validator nodes (up to one-third of the network) are destroyed or fail The network is functioning normally. Second, such consensus protocols also enable high transaction throughput, low latency, and more energy-efficient consensus methods than the “proof-of-work” mechanisms used in some other blockchains. Third, the LibraBFT protocol helps to clearly describe transaction finality, so when participants see transaction confirmation from a sufficient number of validators, they can be sure that the transaction is finalized.

The security of BFT depends on the quality of validators, so the Association will conduct due diligence on potential validators. The Libra network was designed with security first, taking into account complex network and critical infrastructure attacks. The network is structured to strengthen the assurance that testers are running the software, including utilizing techniques such as critical code separation, innovative methods of testing consensus algorithms, and careful management of dependencies. Finally, the Libra network will define policies and procedures for reconfiguring the Libra Blockchain in the event of critical vulnerabilities or upgrades. In addition to ensuring safe recovery of the system in these situations, this preparation will deter attacks because attackers will know their actions can be countered.

A consequence of the above design decisions is that the Libra Blockchain will provide public verifiability, meaning that anyone (validators, the Libra network, Virtual Asset Service Providers (VASPs), law enforcement, or any third party) can audit Accuracy of all operations. Transactions will be cryptographically signed so that even if all validators are compromised, no forged transaction from someone with a secure signing key can be accepted. The design is compatible with hardware key management and offline storage of high-value keys.

Another consequence of the aforementioned design decisions is that the Libra Blockchain will support an approach to privacy that takes into account the diversity of participants on the network. The Association oversees the development of the Libra Blockchain protocol and network, and continually evaluates new technologies to enhance privacy compliance on the Blockchain while considering applicable regulatory requirements.

For more details, read the technical paper on the Libra Blockchain. See also details about the Move programming language and the LibraBFT consensus protocol. The association has launched an early version of the Libra testnet, with accompanying documentation. The testnet is still under development and the API is subject to change. Since June 2019, the Association has regularly updated some progress in the blog. The Association is committed to working openly and honestly with the community, so we hope you'll read, develop, and provide feedback.

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4. Economy and Libra Reserve

When the Libra Association published its thoughts on the operation of the Libra Reserve, the white paper was intended as a proof of concept rather than a defined roadmap for the project. Since June 2019, we have met with a wide variety of organizations, regulators, policymakers, and academics to understand key issues and incorporate actionable improvements into the economic design of the Libra network. Discussions and meetings from around the world provided valuable information for our direction. In particular, the Association greatly appreciates the in-depth research report on stablecoins completed by the G7 working group. The concerns raised in the report help to highlight urgent questions that need to be answered, as well as longer-term challenges that may arise.

A key shared concern is the potential for Libra (≋LBR) to interfere with monetary sovereignty and monetary policy if the Libra network reaches significant scale and makes a large number of Libra (≋LBR) payments. While we think this is unlikely because ≋LBR introduces foreign exchange exposure for holders in domestic transactions, and the use of ≋LBR may be subject to restrictions such as foreign exchange controls, we take this issue seriously.

The Libra network is intended to be a global, low-cost payment system that complements, not replaces, domestic currencies. Currency stabilization and preservation of value is entirely within the purview of the public sector, so we are expanding the Libra network to include single-currency stablecoins (e.g. ≋USD, ≋EUR, ≋GBP, etc.) and plan to add single-currency stablecoins over time. The number of currency stablecoins. This will enable a range of domestic use cases by enabling people and businesses to transact in stablecoins denominated in their national currencies. Each single-currency stablecoin will be backed by reserves in cash, cash equivalents, and very short-term government securities denominated in that currency and issued by the currency’s home country. Single-currency stablecoins are minted and burned in response to market demand for the asset. Since each coin is 1:1 with its backing, this approach does not generate net new currency.

We believe this approach can reduce costs and enable new features, while providing central banks with maximum flexibility and control to use the Libra payment system in their countries.

Initially, the Association hopes to offer a small number of single-currency stablecoins based on the existence of a liquid and safe government securities market in the relevant currency. We hope to work with regulators, central banks, and financial institutions around the world to expand over time the number of single-currency stablecoins available on the Libra network, and to explore the technical, operational, and legal requirements for direct regulation with them. In particular, the Association may work with relevant central banks and regulators to offer a stablecoin on the Libra network if adoption of such stablecoins raises concerns about currency substitution in regions where single-currency stablecoins do not exist on the network. The Association welcomes feedback on how it can help support local currency and macroprudential policy.

For countries without a single-currency stablecoin on the Libra network, we see ≋LBR as a neutral and low-volatility alternative that can ensure users in these regions can benefit from access to the network and increased financial inclusion. In this case, ≋LBR can be used as a settlement currency for cross-border transactions. People and businesses can convert the received ≋LBR into local currency and use it for consumption of goods and services through third-party financial service providers. For example, if a Libra user in the US wants to send money to their family in another country, the sender in the US might use ≋USD as their default Libra coin for the transfer. If the recipient lives in a region with a different single-currency stablecoin on the Libra network, the sender can transfer the single-currency stablecoin, or the recipient can convert ≋USD to the single-currency stablecoin or the local currency through a third-party financial institution. Fiat currency, which provides a convenient and simple option for recipients to access and spend these funds. If no single-currency stablecoin is available, transfers can be made with ≋LBR. The recipient can exchange ≋LBR into local currency through a third-party financial service provider before purchasing goods and services.

The Libra network itself will not provide, record or settle exchanges between Libra Coins and fiat currencies or other digital assets. Instead, as previously stated, any such exchange functions will be performed by third-party financial service providers. Regardless of region, we wish to require all Virtual Asset Service Providers (VASPs), such as currency exchanges with addresses on the Libra Blockchain, to hold and transfer Libra Coins, to fully comply with all applicable foreign exchange restrictions and capital controls , to mitigate currency substitution risk.

In addition, we hope that as central banks develop central bank digital currencies (CBDCs), these fiat digital currencies can be directly integrated with the Libra network, thereby eliminating the need for the Libra network to manage associated reserves, which can reduce credit and custody risks. For example, if a central bank develops a digital representation of the U.S. dollar, euro or British pound, the Association could replace applicable single-currency stablecoins with these central bank digital currencies (CBDC).

Single-currency stablecoins simplify the design of ≋LBR. ≋LBR can be implemented as a smart contract that aggregates single-currency stablecoins with fixed weights (e.g. ≋USD 0.50, ≋EUR 0.18, ≋GBP 0.11, etc.). This design approach is similar to that used by the International Monetary Fund (IMF) in the Special Drawing Rights (SDR). Since ≋LBR is composed of a fixed amount of single currency stable backed by the network, ≋LBR is fully backed by reserves.

To limit concerns about the Association's unilateral updating of ≋LBR weights, the Association welcomes regulators, central banks or international organizations (e.g., the IMF) Currencies and their respective weights) are monitored and controlled.

However, single-currency stablecoins may add complexity to wallets, exchanges, and merchant solution providers. For example, exchanges will need to maintain sufficient liquidity across multiple digital assets rather than just one. Wallets will need to handle cross-currency use cases such as sending remittances, even though we expect people to default to a national currency stablecoin (if available), another single currency stablecoin (e.g. ≋USD, ≋EUR, ≋GBP, etc.) Or ≋LBR.

The purpose of the Libra network is to support global cross-border transactions by extending the functionality of fiat currencies. Under this new approach, we seek to reduce concerns about monetary sovereignty and bring a more accessible payment and financial product to people and businesses around the world.

Libra's Reserve and Securing A key goal of the economic design of the Libra network is to establish trust in an efficient means of payment. Every stablecoin on the Libra network will be fully backed by a reserve of high-quality liquid assets and backed by a network of competitive dealers and exchanges. This means that holders of Libra coins should have a high degree of assurance that they can exchange Libra coins for their local currency. The Importance of 100% Reserves and Risk Mitigation In the first Libra white paper, the Association committed its full support, recognizing its importance to individuals and businesses using the network. In September 2019, the association announced its intention to apply for a payment system license from FINMA. It is expected that FINMA will continue to fully support Libra coins as a condition of the license.

A 100% reserve means the reserve will hold cash, cash equivalents, and very short-term government securities equal to at least the value of Libra coins in circulation. This is different from banks, which hold only a portion of their cash reserves and other liquid assets (say 10%) to service deposit liabilities, with the remainder consisting of loans and other illiquid assets (also known as fractional reserve banking). The comprehensive support of liquid assets is very important to curb runs and stabilize the payment system. Coupled with a commitment to transparency and auditability, we believe that a 100% reserve for each Libra coin will help ensure that people and businesses have the confidence to convert their Libra coins into local currencies.

According to market demand, the reserve will determine the minting and burning of each single-currency stablecoin (such as ≋USD, ≋EUR, ≋GBP, etc.). In addition, the smart contract will combine these specific single-currency stablecoins into ≋LBR according to the specified fixed weight. Since ≋LBR is not an anchored single-currency exchange rate, as the value of each sub-currency changes, the value of ≋LBR may change. There will be fluctuations. The Association welcomes the supervision and control of ≋LBR by regulators, central banks or international organizations (such as the IMF) under the guidance of the Association's main supervisor, FINMA, which can monitor and control weights and components to minimize volatility.

Reserves are structured to mitigate threats and minimize risks. In order for the Libra network to be solvent, and for the Libra payment system to function smoothly over time, reserves will only rely on high-quality liquid assets, or assets that can be quickly converted into high-quality liquid assets. In particular, we will require that reserves consist of at least 80% very short-term (remaining maturities of no more than 3 months) government securities issued by sovereigns with very low A1 rating, or higher), and its securities are traded in a highly liquid secondary market. The remaining 20%, which will be held in cash, will flow overnight into money market funds that invest in short-term (remaining maturities of no more than one year) government securities with the same risk and liquidity profile. To address currency risk, the composition of currencies comprising the reserve assets should match the composition of outstanding single-currency stablecoins (including those comprising outstanding ≋LBR). This setup, which is expected to be reflected in Libra's FINMA payment system license, will help reduce interest rate, liquidity and credit risk.

However, even with these high-quality liquid assets, the Libra network may incur losses (e.g., due to rapid changes in interest rates) or find it more difficult to liquidate assets under extreme economic conditions. In order for consumers to continue to be protected, foreign exchange reserves will further receive a capital buffer. With input from regulators, the Club is developing a regulatory capital framework to ensure that appropriately sized, loss-absorbing capital buffers are maintained. For example, this capital buffer will protect the Libra payment system from potential losses from credit, market and operational risks. Operational risks include external or internal fraud, business interruption, and failure of systems and controls.

The management of the reserve will be transparent to the public. The reserves will be regularly audited by independent auditors. The results of these audits will be made public to demonstrate that all circulating Libra coins are backed by assets. The association will announce the current composition of reserves and the current market value of assets on the website every day.

Over time, we expect the association to be able to work with central banks on issues such as direct custody of cash, cash equivalents, very short-term government securities, or the integration of the Libra payment system with a CBDC. This will reduce credit and custody risk, simplify the operation of reserves, and provide Libra coin holders with an additional level of comfort.

If the Libra network faces negative yields in custody of any of its short-term government securities, cash, or cash equivalents, it will have to cover these costs through its other revenue streams, such as transaction and other fees. Positive interest on reserve assets (if any) will be used to cover system costs, ensure low fees for transactions, increase required capital buffers, and support growth and adoption. The rules for the distribution of reserve interest will be formulated in advance and supervised by the Association. Additionally, holders of Libra coins will not be rewarded from the reserve.

• Escrow and appointed dealers form the assets of the reserve, which will be held by a geographically distributed network of well-capitalized custodian banks to provide security and decentralization of the assets. We hope that these agencies have taken many measures to mitigate risks. The Association recommends additional measures for these custodians to ensure that reserve assets cannot be loaned out, pledged or re-hypothecated, or otherwise removed (even temporarily) from reserve accounts.

• Instead of communicating directly with consumers, the Libra network will partner with a select number of designated resellers to provide liquidity to consumer-facing products such as wallets and exchanges. These Designated Dealers will be committed to making markets in tight spreads and will be able to accommodate high volumes. In the event of an extreme situation where the designated dealer no longer makes a market for Libra Coins, the Libra network will require a pre-existing agreement with a third-party administrator or dealer to assist end users in their administrative capacity in destroying Libra Coins and liquidation including reserves assets included. These emergency actions will always be implemented under the guidance of relevant regulatory agencies.

The Emergency Operations Association is committed to implementing a system of risk reduction, including appropriate loss-absorbing capital buffers, and promoting continuous and comprehensive regulation. However, we recognize the need to prepare for stress scenarios that could lead to a run or otherwise threaten the viability of the Libra payment system, even if the likelihood is remote. In the context of the recovery and resolution plan, the Association is considering whether to provide two key components to meet the requirement to burn all Libra coins in the event that the Libra network is unable to convert short-term government securities in reserves into cash quickly enough, At the same time, it will not cause trading losses:

Long redemption dwell time, which will delay the redemption of Libra coins and allow more time to liquidate the assets of the reserve fund without causing large trading losses;

Both measures aim to slow the pace of the run on reserves.

Finally, even if the Association or the Libra network fails completely, we plan to do everything in our power to protect Libra coin holders. First, since the reserve will consist primarily of very short-term government securities that liquidate themselves on a continual basis, the reserve can very quickly generate large amounts of cash that can be used to burn Libra coins. Second, if the self-liquidation of these securities does not generate enough cash quickly enough to meet all the demands of burning Libra coins, the Libra network should be able to sell these securities in large quantities at a small discount to face value. Third, if the sale of these securities would result in a loss, the Libra network may choose to temporarily suspend redemptions and liquidate its remaining assets for a period of time deemed sufficient to minimize market impact. If designated dealers are operating, they will be expected to obtain funds on behalf of consumers in exchange for Libra Coins on the basis of liquidating a portion of the reserve balance. If no Designated Dealer is operating, the Association will rely on third party administrators to assist with these operations. The Association will work with regulators to develop a mechanism to return funds from the reserve to end users in the event that no designated dealer, alternate third-party administrator, or dealership is in operation.

In general, the 100% margin of each coin is an important part of the entire Libra payment system. We take threats regarding reserves very seriously, and we believe that the methods described above will protect our users from a wide variety of risks.

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5. Compliance and Prevention of Illegal Activities

Trust in the security and integrity of the Libra payment system is necessary to encourage people and businesses to participate in the network. All payment systems face constantly evolving security threats and other risks. The Libra Association recognizes the importance of establishing Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), sanctions compliance mechanisms, and mechanisms to prevent illicit activities that effectively address threats and risks. Given the Libra Association's mission, our challenge is to design a system that addresses important policy issues and that is broadly accessible to underserved populations.

The association and its subsidiaries are committed to creating a legally compliant, secure and consumer-friendly payment system, and support the efforts of regulators, central banks and legislators to ensure that the association and its subsidiaries contribute to the fight against money laundering, terrorist financing contribute to other activities. The Association and its subsidiaries will implement the following compliance framework, designed to ensure that they meet their regulatory obligations and support the compliance of participants in the Libra payment system. Protocol-level controls will help the Association and its subsidiaries facilitate and encourage high standards of compliance.

• Types of Participants and Payment Activity on the Libra Network

• The specific roles of Libra network participants are summarized below:

• Entity: Association and its subsidiaries

• Responsible for the governance of the Libra network and the development of the Libra project;

• Conduct due diligence on association members, appointed dealers and verifiers;

Control the minting and burning process of Libra coins;

• Establish compliance standards for network participants and implement protocol-level and other compliance controls;

• Running a financial intelligence function (FIU function) to monitor networks and flag suspicious activity;

Entity: Association member

• Participate in association governance;

• The Association will conduct due diligence on a regular basis;

• Entity: designated dealer

Entities authorized to purchase Libra Coins from the Libra Network and sell them to the Libra Network pursuant to contracts with the Libra Network;

• Simultaneously buy and sell Libra Coins to exchanges and over-the-counter (OTC) dealers to facilitate the Libra Coin market;

• Will be subject to regular due diligence by the Association and its subsidiaries and are expected to be well-capitalized financial institutions with expertise in the foreign exchange market;

• Entity: Virtual Asset Service Provider (VASP)

• As defined in the June 2019 Financial Action Task Force (FATF) guidance on virtual assets and virtual asset service providers;

Entities that provide exchange, custody, or other similar financial services to customers on the Libra Network;

• Certain Virtual Asset Service Providers (VASPs) will be able to operate on the Libra network without transaction and address balance restrictions; these entities will be regulated entities and will be required to accept risk-based The due diligence process, including confirming that the VASP is registered as a VASP in a FATF member jurisdiction, or is registered as a licensed entity in a FATF member jurisdiction, and conducts VASP activities under that license or registration (regulated VASPs). In addition, certain other VASPs will be certified for risk-based compliance by the Association or third-party service providers using standards developed by the Association or its subsidiaries (Certified VASPs);

• The Association may, at its discretion, consider establishing transaction and address balance limits on certain regulated and certified VASPs commensurate with its risk profile;

Entity: Non-custodial wallet user

Libra Blockchain addresses are not associated with regulated VASPs, certified VASPs, or designated resellers;

• These addresses will be subject to controls which include transaction and address balance limits which will be enforced by the protocol along with other controls;

• Details of Libra Network Compliance and Security Controls A. The Association will develop a comprehensive compliance program

• The Association will implement a comprehensive compliance program designed to meet or exceed relevant laws and requirements. At a minimum, this compliance program should:

• Appoint a Chief Compliance Officer;

• Appoint a committee to oversee the report;

• Develop written AML/CFT/sanctions compliance policies and procedures based on a risk assessment and approved by the Association's Board of Directors (and its subsidiary boards);

• Conduct risk-based due diligence on all members, designated resellers, and regulated and certified VASPs;

• regularly revise the AML/CFT/sanctions program, as appropriate, in line with periodic risk assessments and changing regulatory requirements;

Create an FIU function to facilitate monitoring of potentially suspicious and sanctioned activity on the Libra network, improving network security and compliance;

Designate a function, such as an internal audit function that meets independent standards, to conduct a periodic independent review of the Association's AML/CFT/sanctions compliance programme;

Carry out relevant staff training;

B. The association will set mandatory standards for the unlimited use of the Libra payment system

The Association and its subsidiaries will develop mandatory standards for members, designated resellers, regulated VASPs, and certified VASPs to enter the Libra network. Entities meeting these criteria may transact on the Libra network without being subject to transaction and address balance limits, or in some cases, may be subject to higher limits than those assigned to uncustodial wallets.

• C. The association will conduct due diligence on association members and designated dealers

• The Association and its subsidiaries will conduct due diligence on potential appointed dealers before entering into written agreements with all prospective members before joining the Association.

• Due diligence will be conducted against the standards established by the Association for members and designated dealers (as the case may be) and is designed to ensure a high level of compliance, reputation and credibility. This due diligence will include, but not be limited to, a review of each Member or Designated Distributor for:

• entity state;

• sanctions screening;

• bad news;

• Beneficial owners and controllers;

Comply with applicable AML/CFT/sanctions compliance regulatory requirements, if any;

licenses and registrations;

The geographic location of the entity's location and its customer base;

During this due diligence period, the Association and its subsidiaries will also verify that all designated dealers meet the capitalization and expertise requirements of the foreign exchange market, and whether all designated dealers in turn conduct due diligence on downstream counterparties in the Libra payment system .

In addition to conducting due diligence reviews of prospective members and appointed dealers, the Association and its subsidiaries will conduct regular, ongoing risk-based due diligence of existing members and appointed dealers.

D. The Association will distribute Libra coins through regulated designated dealers

The Libra Network will only mint Libra Coins intended to be released to the market with designated dealers, and will redeem Libra Coins only from those designated dealers. These Designated Dealers will be regulated and well-capitalized financial institutions who will buy and sell Libra Coins in accordance with contracts with the Libra network, providing end users with the convenience of the Libra Coin market. The Libra Network will mint and burn Libra Coins with designated dealers and will not have any contractual relationship with any exchange or end user, except for certain contractual rights that may exist in emergency operations.

E. Only regulated or certified VASPs are allowed to conduct transactions on the network that are not limited by transactions and address balances

• The association expects that most people will interact with the Libra payment system through VASPs. VASPs will facilitate transactions for users and may record some transactions internally on their own ledger rather than on the Libra Blockchain. As described below, Regulated VASPs and Certified VASPs will be permitted to use the Libra payment system without the transaction and address balance restrictions for unhosted wallets (described below).

• Regulated VASP A regulated VASP is a VASP registered in a FATF member jurisdiction, or any entity registered to carry out VASP activities in a FATF member jurisdiction.

• Entities seeking regulated VASP treatment must submit an application for approval to the Association or its sub-agencies containing at least:

Proof of a license or registration in a FATF member jurisdiction that allows the licensee or registrant to carry out VASP activities;

Indicates that the entity has obtained all licenses and registrations required in the jurisdiction in which it is located and operates. Based on the information provided by the entity, and appropriate risk-based due diligence conducted by the entity, the Association or its subsidiaries will verify that the entity is properly authorized as a VASP in a FATF member jurisdiction;

Demonstrate a sound risk-based regulatory compliance program and controls;

Upon successful verification by the Association, one of its subsidiaries, or a vetted third-party service provider and conducting risk-based due diligence on the VASP, that entity will be permitted to create regulated VASP addresses on the Libra Network. These addresses will enable regulated VASPs to conduct business without restrictions on transactions or address balances. The Association may also consider assigning certain regulated VASP addresses transaction and address balance limits commensurate with their risk profile.

The Association or its subsidiaries will document and publish a directory of regulated VASPs and their status. The entity will be required to recertify its Regulated VASP status annually, and the Association, one of its subsidiaries, or an audited third-party service provider, will also be informed of any changes in the regulatory status of a Regulated VASP, or related to the VASP risk status Other relevant developments are continuously monitored.

Certified VASP A certified VASP is one that does not qualify as a Regulated VASP, but has been certified according to standards established by the association. Certified VASP status, designed to allow VASPs operating in FATF jurisdictions or non-jurisdictions that do not require VASP regulation, and VASPs that meet the appropriate standards to provide services on the Libra network without imposition on uncustodial wallets The same transaction and address balance limits (described below). Any VASP from a FATF member jurisdiction that has implemented a licensing or registration regime must be properly registered and should be subject to the due diligence of regulated VASPs.

The highest level of certified VASPs will be those that meet the requirements established by the Association, which should in principle be consistent with those imposed by the FATF guidelines. Associations may consider establishing a lower level of accreditation for certain certified VASPs and address balance limits commensurate with their risk profile.

Entities seeking a certified VASP will apply for certification and demonstrate compliance with relevant standards set by the association and have a reasonable risk-based compliance program and controls in place. Certification may be provided by the Association, one of the Association's subsidiaries or by one or more vetted third-party accreditation bodies approved by the Association.

The Association or one of its subsidiaries will document and publish a directory of certified VASPs and their status. VASPs will be required to recertify their VASP certification status annually, and the certifying entity will also conduct risk-based due diligence on VASPs and monitor them on an ongoing basis.

Users' non-custodial wallet activities will be subject to transaction and address balance restrictions and other controls. The Association believes that the Libra network must allow direct access to non-VASPs (ie, unmanaged wallets) as a way to achieve financial inclusion, provide a wide range of financial services, and promote innovation and innovation. means of competition:

Financial Inclusion: The Association's goal is to make the Libra network as inclusive as possible within the current regulatory framework. The network will benefit a large number of underbanked and unbanked populations around the world who may not have access to regulated or certified VASPs, many of whom do not believe it is commercially viable to serve these groups. The association believes that allowing the use of uncustodial wallets will allow those without access to financial services to benefit from the secure, low-cost and fast payment services provided by the Libra network.

Today, 1.7 billion adults around the world remain outside the financial system and do not have access to traditional banks, 1 billion of these people have mobile phones, and nearly 500 million people have access to the Internet, and uncustodial wallets are the key to meeting their needs .

Promote innovation and competition:

Non-custodial wallets allow the Libra network to provide software developers with a platform with built-in security features such as protocol-level sanctions screening, compliance infrastructure (such as FIU capabilities), access to a large number of users, and low barriers to entry. These features allow for increased innovation and competition, leading to higher quality consumer wallets.

Non-custodial wallets also ensure access to innovative products powered by smart contracts. Just as payment systems help participants settle payments and manage counterparty risk, smart contracts allow participants to agree on more complex business logic that is executed directly by the Libra network, enabling innovative applications. We anticipate that smart contracts have the potential to add useful functionality to the Libra network beyond the core functionality. Such smart contract modules will be made available for use and developed over time upon approval by the Association or its subsidiaries, and such modules will be awarded if satisfactory controls are implemented with respect to regulatory and other risks. Non-custodial wallets ensure that all users can access these innovative services, even if they cannot find a regulated or certified VASP that supports that smart contract functionality.

The Association also recognizes that non-custodial wallets may increase compliance and financial crime risks. To address these risks, all non-custodial wallets will be subject to additional controls.

The Libra protocol will enforce transaction and maximum address balance limits on each non-custodial wallet address. Any user wishing to transact beyond these limits must use a regulated or certified VASP.

The Association recognizes that bad actors may try to work around this limitation by creating and using multiple non-custodial wallets. Accordingly, the functions of the FIU will specifically seek to detect and prevent such activities (as described in section H below).

• F. Automated compliance controls at the protocol level will apply to all on-chain activities

• The Association will include certain compliance controls directly in the Libra protocol. These controls are designed to enforce certain compliance requirements for all transactions on the Libra Blockchain.

• 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 non-custodial wallets and VASPs, and automatically block transactions involving blockchain addresses identified by authorities as being associated with sanctioned persons (sanctioned blockchain addresses) . Additionally, these controls can be used to limit the amount stored in sanctioned blockchain addresses.

• Sanctioned Jurisdictions: Protocol-level controls that will automatically block transactions originating from IP addresses associated with sanctioned jurisdictions.

Non-custodial wallet limits: Protocol-level controls will enforce transaction and address balance limits on non-custodial wallets.

VASP Certification: Protocol-level controls will enforce certificate renewal requirements for regulated and certified VASPs.

Travel Rule: The Libra protocol will require regulated and certified VASPs to demonstrate compliance with the Travel Rule when transacting. An off-chain protocol will help regulated and certified VASPs comply with the Travel Rule (as described in Section G below).

G. The association will develop an off-chain travel rule protocol

The Association will develop an off-chain protocol to facilitate compliance of regulated and certified VASPs with applicable travel rules and recordkeeping requirements. This agreement will facilitate the exchange of information between these Libra Network participants to facilitate their own compliance, and will include an open text field to allow for the sharing of supplementary information. Non-custodial wallet addresses can submit required or requested data to regulated and certified VASPs using this off-chain protocol. The Association will maintain a public directory of regulated and certified VASPs, and relevant VASPs will publicly attest to their compliance with applicable travel rules and recordkeeping requirements (as described in Section F above).

H. The association's FIU function will monitor Libra network activity and coordinate with Libra network participants

The Association and/or one of its subsidiaries will run FIU functions to maintain a high level of compliance with the Libra payment system. The FIU function will monitor activity on the Libra network and work with government agencies and service providers to detect and deter inappropriate use of the platform.

Collaborate with Libra Network Participants

Regulated and certified VASPs operating in the Libra network, as well as designated resellers, will maintain their own compliance programs and will be subject to periodic review by associations or affiliates or audited third-party service providers as a risk-based part of due diligence. The FIU function will seek to coordinate with these cyber actors to detect and report potentially illegal or evasive activity. In accordance with applicable law, the FIU function will collaborate and coordinate with designated resellers, regulated and certified VASPs, and other network participants to collect and share risk signals and compliance insights (e.g., identifying new types, address and structure).

Detect suspicious and protocol compliance control circumvention activities

An important objective of the FIU function will be to detect suspicious activity and thwart attempts to evade protocol compliance controls, including sanctions evasion, geo-blocking, and transaction and address balance limits. The FIU function will use network analysis techniques to seek to detect suspicious activity across the Libra network and collaborate with service and technology providers in the blockchain monitoring space.

If any such activity is detected, FIU functions will share risk signals with cyber actors and relevant agencies as permitted or required by applicable law. Such addresses may also be restricted pursuant to a court order or administrative order issued or obtained by a government agency.

I. The Association will respond to identified potentially suspicious and sanctioned activity, including by reporting

In order to prevent abuse, the FIU function will, at its discretion and in accordance with applicable law, notify the VASP Libra blockchain of non-custodial wallet addresses that may attempt to circumvent established restrictions.

The FIU function of the Reporting and Enforcement Institute will actively monitor the network and, as appropriate, utilize risk signals shared by designated resellers, regulated and certified VASPs, members, and other network participants. When potentially suspicious and sanctionable activities are identified, FIU functions will submit appropriate reports to the competent authorities as permitted or required by applicable law.

The Association's FIU function will cooperate with law enforcement regarding requests for information or assistance using the Libra Network to the extent permitted or required by applicable law.

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6. An open and competitive network

The security and integrity of the Libra Network are at the heart of the Libra Association's efforts. We started our journey with businesses and non-profits that share a vision to foster a more connected global payment system and manage it as a public good. At the same time, it is critical to establish a clear path for membership renewal and participation expansion over time.

• We believe that competition is a prerequisite for a highly interoperable, efficient and innovative payment system.

• In Libra's first white paper, we achieved this by announcing our intent to eventually transition the network to a permissionless system. However, in the months since, a major concern expressed by regulators in many jurisdictions, including the Swiss Financial Market Supervisory Authority (FINMA), is that the association will struggle to secure The network’s compliance regulations are maintained, such as the inability to conduct due diligence on validators.

• Here, we present ways that the Association is exploring to enable new entrants to compete to provide core network services and participate in the governance of the Libra Network, while ensuring the Association's ability to meet regulatory expectations. Some of the most important goals of our proposed permissionless network are to enable new entrants to compete:

Provide payment and financial services to businesses and consumers;

The opportunity to run independent validator nodes to improve the security and reliability of the Libra consensus protocol by virtue of their uncorrelated risk of failure;

Actively participate in the governance and development of the Libra project;

The Libra project has achieved its first goal from the beginning because the network is modeled after open technical standards, and the Libra protocol is built for a high degree of interoperability. The second and third goals, however, require a market-driven process that allows new qualified association members to enter the network and compete with existing association members. In the next section, we'll give a high-level overview of how this works.

• Explore an open, transparent and competitive market for web services and governance

• Providing an open, transparent and competitive web service and governance process is critical to 1) broaden the association's membership base and 2) ensure its long-term renewal. During both phases, the association will develop open criteria to ensure that the selection process is objective and transparent, and that it incorporates the key factors of network growth, diversity, security and integrity.

• 1. Expansion of membership: The association plan relies on open recruitment of new members and defines how many membership seats each round will have. Potential applicants will submit an application covering the following:

• Basic information demonstrating that the applicant meets membership requirements, including compliance due diligence.

Technical information showing the applicant's ability to successfully run a validator node.

Economic performance information supporting the applicant's past and future ability to drive the growth of the Libra Network.

Information from the application form will be used to calculate a transparent Member Contribution Score (MCS), which will be used to rank applications.

2. Renewing membership: The goal of the association is to ensure that new members can come in and compete to provide core network services and contribute to governance, while existing members can renew their participation based on good performance - both in terms of running validator nodes Still in terms of driving adoption. Over time, associations can transparently revise the MCS calculation and selection process to meet new needs and balance change with continuity while ensuring it remains based on objective and non-discriminatory criteria. All of these decisions will be made in accordance with the governance process set out in the Charter, taking into account antitrust and competition issues and compliance requirements.

If a member breaches the integrity or security of the network, the association has a mechanism to remove them from the validator list and, in extremely serious cases, expel them from the membership list. Removal from the validator set may also be triggered by egregious violations of membership criteria, administrative issues, criminal proceedings, or interference with the health and integrity of the network. The Association will also have a process to begin an off-cycle open call for new members in the event of severe network underperformance or other significant governance challenges.

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7. Libra Association

We believe that Libra's mission is best accomplished by diverse and independent collaborators. This is the role played by the Libra Association, an independent membership organization, and its wholly-owned subsidiary, the Libra Network, headquartered in Geneva, Switzerland. The Association strives to be a respected international institution. Switzerland was chosen as the association's headquarters because of its openness to financial innovation, its commitment to strong financial regulation, and its history as a center for international organisations.

The Libra Association aims to facilitate the operation of the Libra payment system, coordinate agreements among stakeholders to promote, develop and expand the network, oversee the management of the Libra reserve, and assist the Libra payment system in providing services in a secure and compliant manner.

The Libra Association is managed by the Libra Association Council, which consists of a representative appointed by each validator node, and each council representative is entitled to one vote on each matter submitted to the Council for approval. Together, they make policy decisions regarding the governance of the Libra network and reserve. Currently, the Council is made up of global corporations, non-profit organizations, multilateral organizations and academic institutions who are founders. The Council may delegate its powers to, and rely upon, the Council and the Executive to carry out its decisions. And major policy decisions require the consent of two-thirds of council representatives, which is the same overwhelming majority of the network required by the Libra Byzantine Fault Tolerance (LibraBFT) consensus protocol.

Through the association, members will align on the network's technology roadmap and development goals. In this respect, associations are similar to other nonprofit entities, often in the form of foundations, that manage open source projects. In December 2019, the Council appointed a Technical Steering Committee (TSC), composed of representatives of the five member organizations, to oversee and coordinate the technical design and development of the Libra network. As the Libra network relies on a growing distributed community of open source contributors to further develop itself, the Association's TSC is an important tool for establishing and overseeing the process of community decisions on which protocol or specification to develop and adopt.

The Association is the parent institution of Libra Networks, the entity directly responsible for operating the Libra payment system, minting and burning Libra coins, and managing the reserve. As such, Libra Networks is applying to the Swiss Financial Market Supervisory Authority (FINMA) for a payment system operator license. If licensed, Libra Networks will be subject to continued prudential supervision by FINMA. Therefore, decisions affecting its license, such as changes to the rules governing the Libra Reserve or the addition of new services, may require prior approval from FINMA. In addition to direct supervision of licensed Libra Networks, FINMA will also conduct comprehensive supervision of the Association and its other sub-agencies. Libra Networks is the only organization capable of minting and burning the Libra single-currency stablecoin. Minting and burning will only occur when designated dealers buy and sell corresponding single-currency stablecoins from Libra Networks. These activities of Libra Networks are governed and governed by the "Reserve Management Policy", which can only be changed by a majority of members with regulatory approval. In addition to single-currency stablecoins, Libra Networks will also support multi-currency stablecoins ≋LBR, which will be implemented as a smart contract, using fixed weights (eg ≋USD 0.50, ≋EUR 0.18, ≋GBP 0.11, etc.) to aggregate single-currency stablecoins currency.

Libra Networks is also responsible for facilitating the delivery of services on the Libra Blockchain in a secure and compliant manner. This work will be led and managed by the Chief Compliance Officer and the Financial Intelligence Function (FIU Function). Among other activities, they will conduct due diligence and ongoing monitoring to determine the integrity, legality and compliance of all Members, Designated Dealers and Virtual Asset Service Providers (VASPs) with addresses on the Libra Blockchain ; in accordance with its policies, manage the implementation of protocol-level transactions and address balance limits where required; facilitate and direct compliance with the Travel Rule on the Libra Blockchain; monitor activity on the Libra Blockchain to detect suspicious activity, including attempts to circumvent Internet restrictions; partnerships with regulators and law enforcement by reporting suspicious activity and taking action as appropriate. These and other activities are described further here.

In the short term, the association will also need to fulfill other responsibilities: recruiting more members; designing and implementing incentive programs to drive adoption of the Libra payment system, including distributing such incentives; and establishing the association's social impact grant program.

Another long-term goal of the association is to develop and promote an open identity standard. We believe that decentralized and portable digital identities are a prerequisite for financial inclusion and competition. Furthermore, the association aims to create an open, transparent and competitive market for web services and governance, where new players face the lowest possible barriers to entry.

For more information on the association, please read here.

Our journey has just begun, and we're asking for help from the community. If you believe in what the Libra network can do for billions of people around the world, please share your views and get involved. Your feedback is needed to make financial inclusion a reality for people everywhere.

If you are a researcher or protocol developer, you can preview LibraTestNet and accompanying documentation under the Apache 2.0 open source license. The testnet is still a working prototype, but you can read, build, and provide feedback right away. The association is committed to establishing a community-oriented development process and opening up the platform to developers. The Association's TSC has appointed a lead maintainer, an initial team of maintainers, and established an open and transparent process for accepting technical proposals for Libra Improvement Proposals (LIPs). These will be posted soon.

If your organization is interested in applying for a social impact grant from the Society, find out more here.

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8. What is the next step of Libra?