The growth by civil society and the private sector of a blockchain-based global payment system and fiscal infrastructure is a massive contract. The success of this venture depends on its trusted and safe integration with the existing fiscal system. The populace ’ second governments, specifically regulative and law enforcement authorities, are essential partners in this endeavor .
The Libra Association intends to work with policymakers as the net is developed and operationalized and as regulations adapt to address initiation and early changes in the market .
The Association recognizes the importance of privacy on the public blockchain — but besides the risks of misuse. The Association itself is not involved in processing transactions and does not store any personal data of Libra network users, other than for the purposes of complying with applicable anti-money launder ( AML ), Countering the finance of Terrorism ( CFT ), and sanctions laws.
A Commitment to Engagement
- We welcome public inquiry and accountability.
- We are committed to a dialogue with regulators and policymakers.
- We share policymakers’ interest in the ongoing stability of national currencies, in safe and stable banking systems, in strong consumer protections, and in the provision of financial services to all people.
Libra and Financial System Regulation
The Association will consult closely and regularly with autonomous governments, a well as with multilateral institutions, to support the understanding of this new network. The Association believes in preserving and strengthening the ability of governments to conduct monetary policy and is committed to working with regulative authorities to achieve a safe, crystalline, and consumer-friendly execution of Libra project-compatible products and services. The Association will be governed and constrained by a Reserve management access that will ensure the safety and firmness of the network.
Libra and Consumer Financial Protection
Consumers of fiscal services and products can be vulnerable. There is a commitment to strong consumer security in the Libra network, and the Association recognizes that regulators charged with consumer protection will be bang-up to engage with those build services to be offered in their jurisdictions. In the early exploitation of the Libra network, its Members are committed to working with authorities to shape a regulative environment that encourages technological initiation while maintaining the highest standards of consumer security .
Libra and Consumer Privacy Protection
The Association is committed to compliance with global privacy regulation and to working with regulators and policymakers to shape a regulative environment that promotes privacy and blockchain engineering. Individuals or organizations will operate on the Libra Blockchain through user accounts, which are dissociated from their real-world identity. authentication occurs through public keys used on the net, which does not give any information regarding the exploiter ’ s personal data. only data relevant to each transaction, such as the public address of the sender and receiver, the timestamp, and the transaction sum, are recorded and publicly visible. The alone end-user data that the Association would be able to access on the blockchain is the same datum that would be visible to anyone ( i, public wallet addresses, the time stamp of the transaction, the sum of Libra Coins transferred, and certain submission certifications ). The Association anticipates that it will collect information from Association Members and early persons with whom it has a contractual kinship with, for the purposes of complying with applicable AML, CFT, and sanctions laws .
Libra and Law Enforcement
As with any currency or fiscal infrastructure, bad actors will try to exploit the net. While the network is open and accessible to everyone with internet access, the network ’ sulfur main endpoints, in the form of exchanges and wallets, will need to follow applicable laws and regulations and collaborate with law enforcement. In summation, transactions on the blockchain will be in clean text, like many early blockchains, so it is possible for third parties to do analysis to detect and penalize imposter .
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