Libra’s mission is to enable a simple global currency and financial infrastructure that empowers billions of people.
This document outlines our plans for a new decentralized blockchain, a low-volatility cryptocurrency, and a smart contract platform that together aim to create a new opportunity for responsible financial services innovation.
Problem Statement 问题陈述
The advent of the internet and mobile broadband has empowered billions of people globally to have access to the world's knowledge and information, high-fidelity communications, and a wide range of lower-cost, more convenient services. These services are now accessible using a $40 smartphone from almost anywhere in the world1. This connectivity has driven economic empowerment by enabling more people to access the financial ecosystem. Working together, technology companies and financial institutions have also found solutions to help increase economic empowerment around the world. Despite this progress, large swaths of the world's population are still left behind — 1.7 billion adults globally remain outside of the financial system with no access to a traditional bank, even though one billion have a mobile phone and nearly half a billion have internet access2
因特网和移动宽带的出现，实现了用廉价、便捷的服务服务于全球数十亿人，让我们能够随时随地获取世界上所有的知识和信息，实现了大范围的高效的沟通交流，这样的服务在全球大多数地方用一台 40 美金的智能手机就能轻易获取到1。这种高效的人与人之间的连接让越来越多的人加入到生态系统中，驱动着全球经济增长。科技公司和金融机构通力合作，也找到了解决方案，以帮助增强世界各地的经济实力。尽管我们取得了这一进展，但全球仍然有大量人口落在了后面，尽管我们有数十亿人使用手机，并且有几乎一半人口能访问互联网2，但全球仍然有 17 亿人口被金融机构和传统银行拒之门外。
For too many, parts of the financial system look like telecommunication networks pre-internet. Twenty years ago, the average price to send a text message in Europe was 16 cents per message3 Now everyone with a smartphone can communicate across the world for free with a basic data plan. Back then, telecommunications prices were high but uniform; whereas today, access to financial services is limited or restricted for those who need it most — those impacted by cost, reliability, and the ability to seamlessly send money.
对于大多数人来说，金融机构像是互联网之前的电信网络。二十年前，在欧洲发一条信息的平均价格是 16 分3。现在，每个使用智能手机的人都可以在全球范围内自由通话。当时，电信价格很高，但价格是一致的；而如今，对于最需要的人来说，获得金融服务的机会受到了限制，受到了成本，可靠性和无缝支付能力的影响。
All over the world, people with less money pay more for financial services. Hard-earned income is eroded by fees, from remittances and wire costs to overdraft and ATM charges. Payday loans can charge annualized interest rates of 400 percent or more, and finance charges can be as high as $30 just to borrow $100.4 When people are asked why they remain on the fringe of the existing financial system, those who remain “unbanked” point to not having sufficient funds, high and unpredictable fees, banks being too far away, and lacking the necessary documentation.5
在全世界，贫穷的人们反而为了获得金融服务付出了更多的代价。本就来之不易的收入受到汇款，电汇成本，透支和 ATM 收费等费用的侵蚀。发薪日贷款可以收取高达 400% 或更高的年华利率，借贷 100 美元，光是金融服务费用就可以高达 30 美元4。当人们被问到他们为什么还处于金融系统的边缘时，那些 “没有银行账户” 的人们提出了一些原因：没有足够的资金、高昂且不可预测的费用、银行离得太远和缺少必要的文件。
Blockchains and cryptocurrencies have a number of unique properties that can potentially address some of the problems of accessibility and trustworthiness. These include distributed governance, which ensures that no single entity controls the network; open access, which allows anybody with an internet connection to participate; and security through cryptography, which protects the integrity of funds.
But the existing blockchain systems have yet to reach mainstream adoption. Mass-market usage of existing blockchains and cryptocurrencies has been hindered by their volatility and lack of scalability, which have, so far, made them poor stores of value and mediums of exchange. Some projects have also aimed to disrupt the existing system and bypass regulation as opposed to innovating on compliance and regulatory fronts to improve the effectiveness of anti-money laundering. We believe that collaborating and innovating with the financial sector, including regulators and experts across a variety of industries, is the only way to ensure that a sustainable, secure and trusted framework underpins this new system. And this approach can deliver a giant leap forward toward a lower-cost, more accessible, more connected global financial system.
The Opportunity 机会
As we embark on this journey together, we think it is important to share our beliefs to align the community and ecosystem we intend to spark around this initiative:
- We believe that many more people should have access to financial services and to cheap capital.
- 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 movement of money will create immense economic opportunity and more commerce across the world.
- We believe that people will increasingly trust decentralized forms of governance.
- We believe that a global currency and financial infrastructure should be designed and governed as a public good.
- We believe that we all have a responsibility to help advance financial inclusion, support ethical actors, and continuously uphold the integrity of the ecosystem.