Objective of Libra Cryptocurency

• Many people do not have access to banking services

• As such, they do not have deposit accounts to perform transactions
• Mobile phones take-up rate higher than that
• Using cryptocurrency as a form of aiding people to do transactions
Form Proposed for Libra Cryptocurency
• Permissioned blockchain
• Using Proof of Stake instead of Proof of Work
• Transactions validated by Members of Libra Association
• Backed by financial assets such as US Treasury securities to mitigate
volatility issue
The Libra Association
• Oversee the creation and the operation of Libra Cryptocurrency
• Drive and lead by Facebook currently, via its subsidiary Calibra
• Will have same status as other Founding Members once Libra is
launched
• 28 Founding Members (Paypal, Mastercard, Visa, eBay, Uber,
Coinbase)
Issues with Libra (and other
cryptocurrencies)
• Risk of being used as money laundering channel
• No robust regulatory framework created by Authorities
Possible Modifications to Address Current
Issues
• Ensure that tokens cannot be exchanged for fiat currency.

Monitor transactions using Blockchain

for its transparency and immutability

Make it impractical/worthless to exchange for fiat currency