Libra的谦卑与雄心

北京时间周二晚上,美国参议院银行、住房和城市事务委员会将就Facebook的数字加密货币Libra举行听证会。Facebook  Calibra业务负责人大卫·马库斯(David Marcus)在提前发布的证词中表示,Libra无意与任何主权货币竞争,或进入货币政策领域。在完全解决了监管方面的顾虑并获得了适当的批准前,Facebook不会贸然推出Libra数字加密货币。
据外媒报道,美国参议院银行、住房和城市事务委员会于北京时间周二晚将就Facebook的数字加密货币Libra举行听证会,Facebook Libra项目负责人大卫·马库斯(David Marcus)将出席听证会。周一,他提前发布了他的证词。
在证词中,马库斯对Libra项目及其整个生态系统进行了介绍和说明。他说,Libra的目标是开发出一种安全、低成本的方式,让人们有效地在世界各地转移资金,从而成为当前金融系统的替代方案。
Libra是一种支付工具,而不是一种投资。人们不会像购买股票或债券那样购买它来持有,并期望它能支付收入或增加价值。相反,Libra更像现金。例如,人们会用它给其他国家的家庭成员寄钱,或者买东西。
Libra无意与任何主权货币竞争,或进入货币政策领域。Libra协会将与美联储和其他中央银行合作,确保Libra不与主权货币竞争或干预货币政策。货币政策仍属于中央银行的范畴。
目前,Libra协会拥有首批27名“创始会员”,涵盖支付、科技、电信、区块链和风险资本等行业,包括万事达卡(Mastercard)、PayPal、Visa、沃达丰、eBay、Facebook、Lyft、Spotify、Uber和安德森·霍洛维茨(Andreessen Horowitz)等。
马库斯称,从现在到将来正式推出的这段时间里,是一个开放的过程,并受到监督和审查。Facebook预计,这将是金融科技历史上,监管机构和各国央行将进行的一次最广泛、最谨慎的“产品上市前”监管。
马库斯同时强调,在完全解决了监管方面的顾虑并获得了适当的批准前,Facebook不会贸然推出Libra数字加密货币。
以下为马库斯的听证会证词全文:
一、介绍
克拉波主席(Mike Crapo,美国参议院银行委员会主席迈克·克拉波)、资深成员布朗(Brown),以及委员会的成员们,感谢你们今天给我的这个机会。我是大卫·马库斯(David Marcus),Facebook Calibra(数字钱包)业务负责人。在人生的大部分时间里,我是一名企业家,致力于开发旨在改善人们生活的产品。在职业生涯中,我领导过电信和金融服务等领域一直受到监管的业务。在PayPal收购我的上一家初创公司后,我成为了PayPal总裁。大约五年前,我加盟Facebook,运营Messenger业务,最近又领导我们的区块链业务。
我很感激今天有机会和大家谈谈Libra的愿景。Libra的目标是开发出一种安全、低成本的方式,让人们有效地在世界各地转移资金。我们相信,Libra可以在建设更具包容性的金融基础设施方面取得真正的进展。到达那里的旅程将是漫长的,我们也认识到,我们的旅程才刚刚开始。
鲍威尔主席(Jerome Powell,美联储主席杰罗姆·鲍威尔)已明确表示,审查Libra的过程需要耐心,而不是匆忙执行。对此我们非常同意,这也是我们发表白皮书介绍Libra项目的原因。从现在到将来正式推出的这段时间里,是一个开放的过程,并受到监督和审查。事实上,我预计这将是金融科技历史上,监管机构和各国央行将进行的一次最广泛、最谨慎的“产品上市前”监管。我们知道,我们需要花时间把这件事做好。在这里,我想明确一点:在我们完全解决了监管方面的顾虑并获得了适当的批准前,Facebook不会推出Libra数字加密货币。
在我进一步讨论之前,我想花点时间来感谢其他27家公司加入了我们的这一旅程,包括支付、科技、电信、区块链和风险资本行业的公司,以及非营利组织。我们很高兴有这些组织中的每一个作为合作伙伴,我们期待着与他们和其他人合作,使Libra成为现实。
我们以谦逊的态度对待所有这些努力,并承诺与法律、金融、经济、安全、合规和区块链技术方面的专家,以及负责我们金融体系稳定和安全的监管机构和政策制定者进行接触。同时我们也深知,现在开启这段旅程是多么重要。自从发表我们关于Libra的白皮书以来,我收到了来自世界各地的人们的来信,对Libra提供的可能性感到兴奋。对许多人来说,当前的金融系统可能并不奏效。对于世界各地的人们来说,转账可能太贵了。我们相信,Libra可以提供一个更高效、更低成本、更安全的替代方案。
我对Libra拥有的潜力感到兴奋,我为Facebook在美国发起这一努力感到自豪。我相信,如果美国不在数字货币和支付领域引领创新,其他国家也会。如果我们不采取行动,我们可能很快就会看到一种数字货币,由其他价值观截然不同的人控制。我相信,Libra可以为许多从中受益的人带来积极的改变。我还相信,它可以提供一个与我们共同价值观相一致的领先机会。
二、Libra的结构和管理
我首先想讨论一下Libra、Libra Reserve和Libra协会的愿景,以及为什么与各国政府、多边组织和行业合作执行这一愿景,能够及时帮助实现向更低成本、更容易获得和更互联的全球金融体系的巨大飞跃。
Libra被设计成是一种可以在世界各地使用的数字原生货币。Libra汇集了世界上最好的货币的属性:稳定、低通胀、广泛的可用性和互换性。技术创新给人们提供了连接和交流的工具。但是,虽然人们可以互相发送文本、视频和照片,但在许多情况下,他们不能轻易地在彼此之间转移价值。经济赋权是Facebook的核心价值观之一,在Facebook平台上与客户沟通的9000万企业可以证明这一点。我们为数十亿人的自由、无限制的交流民主化做了很多工作。我们希望帮助数字货币和金融服务实现同样的目标,但有一个关键区别:我们将放弃我们帮助创建的网络和货币的控制权。
Libra是一种支付工具,而不是一种投资。人们不会像购买股票或债券那样购买它来持有,并期望它能支付收入或增加价值。相反,Libra更像现金。例如,人们会用它给其他国家的家庭成员寄钱,或者买东西。
Libra Reserve:Libra的金融结构
与现有的稳定币(通过与单一资产“挂钩”以最小化波动的数字货币)不同,Libra在任何一种现实世界货币中都不会有固定值。相反,Libra将通过Libra Reserve在一对一的基础上得到全面支持,而Libra Reserve将持有一篮子货币的安全资产,如现金银行存款和高流动性的短期政府证券。这些货币将包括美元、英镑、欧元和日元。这种方法将最大限度地减少单个地区波动带来的风险,为世界各地可以依赖Libra满足其日常财务需求的人们提供进一步的稳定性。
Libra Reserve中的资产将由一个地理分布式的受监管托管人网络持有,这些托管人具有投资级信用评级,以提供高审计能力,以及资产的透明度、安全性和分散性。这些保管人精通如何妥善保管价值数十亿甚至数万亿美元的资产。因为Libra将得到Libra Reserve的支持,任何使用Libra的人都应该有高度的信心,他们将能够根据汇率将其出售为当地的法定货币,就像在旅行时将一种货币换成另一种货币一样。
货币政策
Libra Reserve中的货币将受制于各自政府的货币政策,这些政府将继续控制这些政策。负责管理Libra Reserve的Libra协会无意与任何主权货币竞争或进入货币政策领域。它将与美联储和其他中央银行合作,确保Libra不与主权货币竞争或干预货币政策。货币政策仍属于中央银行的范畴。
Libra协会的合作伙伴与监管
监督 Libra Blockchain(Libra区块链)和Libra Reserve将是一项重要的任务和责任,任何一个单一组织都做不到,也不应该单独对此负责。我们相信,合作的方式是有保证的,也是必要的。因此,我们正在努力发展Libra协会:一个独立的会员制组织。
将共同完成协会章程、并在其完成后成为“创始会员”的第一批组织(按行业分类为)如下:
支付:万事达卡(Mastercard)、MercadoPago、PayPal、Payu(Naspers的金融科技部门)、Stripe和Visa
技术和市场:BookingHoldings、eBay、Facebook/Calibra、Farfetch、Lyft、Spotify和Uber
电信:Iliad和沃达丰
区块链服务:Anchorage、BisonTrails、Coinbase和Xapo
风险投资:安德森·霍洛维茨(Andreessen Horowitz)、Breakthrough Initiatives、Ribbit Capital、Thrive Capital和Union Square Ventures
非营利和多边组织以及学术机构:Creative Destruction Lab、Kiva、Mercy Corps和妇女世界银行(Women’s World Banking)
Libra协会的每个成员——一个由公司、非营利组织、非政府组织、多边组织和学术机构组成的多元化的全球性团体——都将成为Libra协会理事会的代表。通过理事会,协会将负责管理Libra Blockchain。
它将监督区块链协议和网络的发展,并将继续评估能够增强区块链隐私的新技术,同时还要考虑到实用性、可扩展性和监管影响。它还将作为管理Libra Reserve的管理机构。所有决定都将以民主和透明的方式作出。为确保协会成员多元化,协会将努力消除尽可能多的财务障碍,以便让大量的非营利和多边组织、社会影响合作伙伴和大学可以加入。
Facebook团队已经领导了Libra协会和Libra Blockchain的创建,并将在2019年继续保持领导地位。但是,一旦Libra网络启动,Facebook及其附属公司将拥有与协会任何其他创始成员相同的特权、承诺和财务义务。我们希望在Libra Blockchain推出之前有大约100个这样的成员。作为众多成员中的一员,Facebook在协会治理中的作用将与同行平等。Facebook只有一票,不能控制这个完全独立的组织。
三、对商业、Libra用户和消费者的影响
监管监督与金融稳定
Libra协会致力于与政策制定者和监管者合作,实现安全、透明和消费者友好的Libra实施。该协会认识到,区块链是一项新兴技术,政策制定者必须确定这种技术将如何适应监管框架。
数字资产的监管框架正开始在美国和国际上出现。Libra协会将继续与监管机构和政策制定者合作,以确保其符合所有适用的法律和监管要求。
在过去的一年里,联邦监管机构一再强调其对促进创新的承诺。这是一个普遍的事实,从财政部关于金融科技和创新的报告中可以看出。同样,在使用新技术支持遵守反洗钱(AML)、打击资助恐怖主义(CFT)和制裁法规方面也是如此。美国财政部金融犯罪执法网络(FinCEN)、美联储、联邦存款保险公司(FDIC)和全国信用联盟协会已联合起来,强调新技术在帮助大大小小的公司履行其AML/CFT和制裁合规义务方面可以发挥的重要作用。Libra协会致力于承担这一责任,并将其相当多的技术专长投入到这项任务中。
需要说明的是,Libra协会预计它将获得许可,受到监管,并接受监督。由于该协会的总部设在日内瓦,它将受到瑞士金融市场监督管理局(FINMA)的监督。我们已经与FINMA进行了初步的讨论,并期望与他们就Libra协会的适当监管框架进行接触。该协会还打算在FinCEN注册成为一家货币服务企业。
反洗钱、银行保密法以及其他执法和国家安全问题
Libra协会同样致力于支持监管者、中央银行和立法者的努力,以确保Libra有助于打击洗钱、恐怖主义融资等活动。一个有助于将更多的现金交易(许多非法活动发生的地方)转移到一个利于监管的数字网络上,将为提高金融犯罪监测和执法的效力提供机会。Libra协会将继续在这些关键问题上积极和公开地与所有相关利益攸关方接触。Libra应该改进侦查和执法,而不是让他们倒退。
Libra协会还将支持与AML和银行保密法有关的政策和程序,打击恐怖主义融资,以及其他与国家安全相关的法律,其成员如果选择在Libra网络上提供金融服务,也将被要求遵守这些法律。
保护个人信息的隐私和安全
保护消费者和保障人们的隐私是Libra协会的首要任务之一。协会致力于与监管机构合作,后者正在探索将相关法律应用于分布式分类账技术。
Libra Blockchain 上的隐私将类似于现有的区块链。交易仅包括发送者和接收者的公共地址、交易金额和时间戳,而不会显示其他信息。协会不会单独持有使用区块链的人的任何个人数据,无论如何收集,也不会运行任何基础设施。因此,协会不能也不会将区块链上的数据货币化。为了保护数据和隐私,瑞士联邦数据保护和信息专员(FDPIC)将是Libra协会的隐私监管机构。
四、Calibra的结构与管理
因为Libra Blockchain将作为一个开源生态系统而存在,世界各地的企业和开发人员都可以在它之上自由地构建有竞争力的服务。而Facebook打算成为众多企业中的一员。为此,我们最近宣布成立Calibra,这是Facebook的一家子公司,其目标是使用Libra Blockchain提供金融服务。Calibra打算推出的第一个产品是Libra的数字钱包,它将在Messenger和Whats App中提供,也将作为独立的应用程序提供。Calibra钱包可以让用户将Libra发送给几乎任何有智能手机的人,类似于他们发送短信的方式,而且费用很低,甚至是零。我们预,计Calibra钱包最终将成为Libra网络上消费者可以使用的众多服务之一,也是众多数字钱包之一。
我们不期望Calibra一开始就赚钱,Calibra客户的帐户和财务信息将不会与Facebook共享,因此不能用于广告定位。我们的第一个目标是创造效用,并推广让消费者采用,使世界各地的人们——特别是那些没有银行账户的人和银行服务不足的人——能够参与到金融生态系统中来。
但我们预计,Calibra钱包将在更广泛的范围内立即对Facebook有利,因为它将允许使用Facebook平台的9000万中小型企业中的许多企业、更直接地与Facebook的众多用户进行交易,我们希望这将导致消费者和企业更多地使用Facebook。使用量的增加可能会为Facebook带来更大的广告收入。
五、对消费者和Calibra钱包用户的影响
监管监督与金融稳定
在Libra Blockchain上提供服务的公司,将需要完全遵守他们所在司法管辖区的法律和法规,包括Calibra钱包。Calibra作为Facebook子公司成立的原因之一是,它将提供金融服务,并将受到相应的监管。Calibra钱包将遵守FinCEN关于其AML/CFT计划的规则,以及外国资产控制办公室(OFAC)在金融制裁方面设置的规则。各州金融监管机构将把Calibra作为转账工具来监管,联邦贸易委员会(FTC)和消费者金融保护局(CFPB)将监测消费者保护以及数据隐私和安全问题。Calibra已经在美国申请了州货币转账许可证,它也作为一家货币服务企业在FinCEN注册。
反洗钱、银行保密法以及其他执法和国家安全问题
同样,Calibra将遵守“银行保密法”,并将整合世界各地使用的KYC和AML/CFT方法论,包括那些侧重于客户识别和验证、以及基于风险的客户尽职调查。同时开发和应用先进的机器学习等技术,以加强交易监控和可疑活动报告。
保护个人信息的隐私和安全
Calibra在设计之初就考虑到了对保护客户隐私的承诺。Calibra认为,客户拥有对其数据的权利,并且应该拥有简单、可理解和可访问的数据管理控制。Calibra不会与Libra协会共享个人客户数据,无论如何收集,Calibra也不会从Libra协会接收其他可识别的用户数据。此外,除非在有限的情况下,如防止欺诈或犯罪活动和遵守法律,Calibra不会与Facebook共享客户的帐户信息或财务数据,除非人们同意这种共享。Calibra客户帐户信息和财务数据将不会用于改善Facebook的广告定向。
六、结论
Libra的目标很简单:一种建立在安全和稳定的开源区块链上的数字货币,由真实资产储备作为后盾,并由一个独立的协会管理。我们希望创造更多易于接入、更便宜、更开放的金融服务的机会,无论你是谁,你住在哪里,你做什么,或者你有多少钱。我们认识到,实现这一目标的道路将是漫长的,它不会孤立地实现。这就是为什么我们已经开始宣传Libra的愿景的原因,也是为什么我们一直在讨论,并将继续与来自世界各地的企业、非营利组织和多边组织、学术机构以及政策制定者、中央银行和监管机构讨论如何最有效地实现这一目标的原因。我们承认金融监管机构的权威,并支持他们对这个项目的监督。
谢谢你们今天邀请我来到这里。我也期待着回答你们的问题。
原文:HEARING BEFORE THE UNITED STATES SENATE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS
July 16, 2019 
Testimony of David Marcus 
Head of Calibra, Facebook

I. Introduction

Chairman Crapo, Ranking Member Brown, and members of the Committee, thank you for the opportunity to appear before you today. My name is David Marcus, and I am the Head of Calibra at Facebook. For most of my life, I have been an entrepreneur building products aimed at improving people’s lives. Throughout my career, I have led businesses in regulated industries such as telecommunications and financial services. I became PayPal’s President after it acquired my last startup, and I moved to Facebook about five years ago to run Messenger and more recently to lead our blockchain efforts.
I appreciate the opportunity to speak with you today about the vision for Libra. Libra is about developing a safe, secure, and low-cost way for people to move money efficiently around the world. We believe that Libra can make real progress toward building a more inclusive financial infrastructure. The journey to get there will be a long one, and we recognize that ours has just begun.
Chairman Powell has made clear that the process for reviewing Libra needs to be patient and thorough, rather than a sprint to implementation. We strongly agree. That was the spirit with which we published the white paper introducing the Libra project. The time between now and launch is designed to be an open process and subject to regulatory oversight and review. In fact, I expect that this will be the broadest, most extensive, and most careful pre-launch oversight by regulators and central banks in FinTech’s history. We know we need to take the time to get this right. And I want to be clear: Facebook will not offer the Libra digital currency until we have fully addressed regulatory concerns and received appropriate approvals.
Before I go any further, I want to take a moment to acknowledge the twenty-seven other companies that have joined us on this journey—including companies in the payments, technology, telecommunications, blockchain, and venture capital industries, as well as non-profits. We are pleased to have each of these organizations as partners, and we look forward to working with them and others to make Libra a reality.
We approach all of these efforts with humility and a commitment to engage with experts in law, finance, economics, security, compliance, and blockchain technology, as well as with the regulators and policymakers who oversee the stability and security of our financial systems. But we also know how important it is that we begin this journey now. Since publishing our white paper on Libra, I have heard from people all around the world, excited by the possibilities that Libra offers. The status quo is not working for many; it is too expensive for people around the world to use and transfer their money. We believe Libra can offer a more efficient, low-cost, and secure alternative.
I am excited about the potential that Libra holds, and I am proud that Facebook has initiated this effort here in the United States. I believe that if America does not lead innovation in the digital currency and payments area, others will. If we fail to act, we could soon see a digital currency controlled by others whose values are dramatically different. I believe that Libra can drive positive change for the many people who would benefit from it. I also believe that it can provide an opportunity for leadership consistent with our shared values.

II. The Structure and Management of Libra

I first want to discuss the vision for Libra, the Libra Reserve, and the Libra Association, and why executing that vision, in collaboration with governments, multilateral organizations, and industry, can, in time, help deliver a giant leap forward toward a lower-cost, more accessible, and more connected global financial system.
Libra is designed to be a digitally native currency that can be used around the world. Libra brings together attributes of the world’s best currencies: stability, low inflation, wide usability, and fungibility. Technology innovations have given people tools to connect and communicate. But while people can send each other texts, videos, and photos, in many cases they cannot easily move value between one another. Economic empowerment is one of Facebook’s core values, and the 90 million businesses communicating with their customers on the Facebook platform can attest to that. We have done a lot to democratize free, unlimited communications for billions of people. We want to help do the same for digital currency and financial services, but with one key difference: We will relinquish control over the network and currency we have helped create.
Libra is a payment tool, not an investment. People will not buy it to hold like they would a stock or a bond, expecting it to pay income or increase in value. Instead, Libra is like cash. People will use it to send money to family members in other countries, for example, or to make purchases.
The Libra Reserve: Libra’s Financial Infrastructure
Unlike existing stablecoins—digital currencies designed to minimize volatility by being “pegged” to a single asset—Libra will not have a fixed value in any single real-world currency. Instead, Libra will be fully backed on a one-to-one basis through the Libra Reserve, which will hold a basket of currencies in safe assets such as cash bank deposits and highly liquid, short-term government securities. These currencies will include the U.S. dollar, the British pound, the euro, and the Japanese yen. This approach will minimize exposure to fluctuations from a single region, providing further stability for people around the world who could rely on Libra for their daily financial needs.
The assets in the Libra Reserve will be held by a geographically distributed network of regulated custodians with investment-grade credit ratings to provide high auditability, as well as transparency, security, and a decentralization of the assets. These custodians are well-versed in safekeeping billions and even trillions of dollars worth of assets. Because Libra will be backed by the Reserve, anyone using Libra should have a high degree of confidence that they will be able to sell it for local fiat currency based on an exchange rate, just like exchanging one currency for another when traveling.
Monetary Policy
The currencies represented in the Libra Reserve will be subject to their respective government’s monetary policies—policies those governments will continue to control. The Libra Association, which will manage the Reserve, has no intention of competing with any sovereign currencies or entering the monetary policy arena. It will work with the Federal Reserve and other central banks to make sure Libra does not compete with sovereign currencies or interfere with monetary policy. Monetary policy is properly the province of central banks.
The Partners and Governance of the Libra Association
Overseeing the Libra Blockchain and the Libra Reserve will be a significant undertaking and responsibility; no single organization can, or should, be solely responsible for it. We believe a cooperative approach is both warranted and necessary, and we are therefore working to develop the Libra Association: an independent membership-based organization.
The initial group of organizations that will work together on finalizing the association’s charter and become “Founding Members” upon its completion are, by industry:
  • Payments: Mastercard, Mercado Pago, PayPal, PayU (Naspers’ FinTech arm), Stripe, Visa
  • Technology and marketplaces: Booking Holdings, eBay, Facebook/Calibra, Farfetch, Lyft, Spotify, Uber
  • Telecommunications: Iliad, Vodafone
  • Blockchain services: Anchorage, Bison Trails, Coinbase, Xapo
  • Venture Capital: Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures
  • Nonprofit and multilateral organizations, and academic institutions: Creative Destruction Lab, Kiva, Mercy Corps, Women’s World Banking
Each of the Libra Association members—a diverse and global group of companies, not-for-profits, NGOs, multilateral organizations, and academic institutions—will be represented on the Libra Association Council. Through the Council, the Association will be responsible for the governance of the Libra Blockchain. It will oversee the evolution of the blockchain’s protocol and network and will continue to evaluate new techniques that enhance privacy in the blockchain while taking into account concerns of practicality, scalability, and regulatory impact. It will also serve as the governing body through which the Libra Reserve is managed. All decisions will be made democratically and transparently. To ensure the Association includes a diverse membership, the Association will work to remove as many financial barriers as possible so that a significant number of nonprofit and multilateral organizations, social impact partners, and universities can join.
Facebook teams have led the creation of the Libra Association and the Libra Blockchain and will maintain a leadership role through 2019. Once the Libra network launches, however, Facebook and its affiliates will have the same privileges, commitments, and financial obligations as any other founding member of the Association. We hope to have approximately 100 such members before the Libra Blockchain launches. As one member among many, Facebook’s role in governance of the Association will be equal to that of its peers. Facebook will have only one vote and will not be in a position to control the wholly independent organization.

III.Implications for Commerce and Libra Users and Consumers

Regulatory Oversight and Financial Stability
The Libra Association is committed to working with policymakers and regulators to achieve a safe, transparent, and consumer-friendly implementation of Libra. The Association recognizes that blockchain is an emerging technology, and that policymakers must determine how this technology will fit into the regulatory landscape.
Regulatory frameworks for digital assets are beginning to emerge nationally and internationally. The Libra Association will continue to work with regulators and policymakers to ensure that it complies with all applicable legal and regulatory requirements.
Over the past year, federal regulators have repeatedly emphasized their commitment to fostering innovation. This is true as a general matter, as one can see with the Treasury Department’s report on FinTech and Innovation. But it is also true in the use of novel technologies to support compliance with anti-money-laundering (AML), combating the financing of terrorism (CFT), and sanctions regulations. The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN), the Federal Reserve, the Federal Deposit Insurance Corporation, and the National Credit Union Association have come together to emphasize the important role that new technologies can play in helping companies large and small meet their AML/CFT and sanctions compliance obligations. The Libra Association is committed to taking up this charge, and devoting its considerable technical expertise to this task.
To be clear, the Libra Association expects that it will be licensed, regulated, and subject to supervisory oversight. Because the Association is headquartered in Geneva, it will be supervised by the Swiss Financial Markets Supervisory Authority (FINMA). We have had preliminary discussions with FINMA and expect to engage with them on an appropriate regulatory framework for the Libra Association. The Association also intends to register with FinCEN as a money services business.
Anti-Money Laundering, the Bank Secrecy Act, and Other Law Enforcement and National Security Concerns 
The Libra Association is similarly committed to supporting efforts by regulators, central banks, and lawmakers to ensure that Libra contributes to the fight against money laundering, terrorism financing, and more. A network that helps move more paper cash transactions—where many illicit activities happen—to a digital network that features regulated on- and off-ramps with proper know-your-customer (KYC) practices, combined with the ability for law enforcement and regulators to conduct their own analysis of on-chain activity, will present an opportunity to increase the efficacy of financial crimes monitoring and enforcement. The Libra Association will continue to engage proactively and openly with all relevant stakeholders on these key issues. Libra should improve detection and enforcement, not set them back.
The Libra Association will also maintain policies and procedures with respect to AML and the Bank Secrecy Act, combating the financing of terrorism, and other national security-related laws, with which its members will be required to comply if they choose to provide financial services on the Libra network.
Protecting the Privacy and Security of Personal Information
Protecting consumers and ensuring people’s privacy is one of the Libra Association’s top priorities. The Association is committed to working with regulators as they explore the application of relevant laws to distributed ledger technology.
Privacy on the Libra Blockchain will be similar to existing blockchains; transactions include only the sender and receiver’s public addresses, the transaction amount, and the timestamp. No other information will be visible. The Association will not separately hold any personal data on people who use the blockchain, no matter how it otherwise could be collected, and will not run any infrastructure. As a result, the Association cannot, and will not, monetize data on the blockchain. For the purposes of data and privacy protections, the Swiss Federal Data Protection and Information Commissioner (FDPIC) will be the Libra Association’s privacy regulator.

IV. The Structure and Management of Calibra

Because the Libra Blockchain will exist as an open-source ecosystem, businesses and developers around the world are free to build competitive services on top of it. And Facebook intends to be one of the many businesses that will do so. To that end, we recently announced the formation of Calibra, a Facebook subsidiary whose goal is to provide financial services using the Libra Blockchain. The first product Calibra intends to introduce is a digital wallet for Libra that will be available in Messenger, WhatsApp, and as a standalone app. The Calibra wallet will let users send Libra to almost anyone with a smartphone, similar to how they might send a text message, and at low-to-no cost. We expect that the Calibra wallet will ultimately be one of many services, and one of many digital wallets, available to consumers on the Libra network.
We do not expect Calibra to make money at the outset, and Calibra customers’ account and financial information will not be shared with Facebook, Inc., and as a result cannot be used for ad targeting. Our first goal is to create utility and adoption, enabling people around the world— especially the unbanked and underbanked—to take part in the financial ecosystem.
But we expect that the Calibra wallet will be immediately beneficial to Facebook more broadly because it will allow many of the 90 million small- and medium-sized businesses that use the Facebook platform to transact more directly with Facebook’s many users, which we hope will result in consumers and businesses using Facebook more. That increased usage is likely to yield greater advertising revenue for Facebook.

V.Implications for Consumers and Users of the Calibra Wallet

Regulatory Oversight and Financial Stability
Companies offering services on the Libra Blockchain will need to be fully compliant with the laws and regulations in the jurisdictions in which they operate, and that includes the Calibra wallet. One of the reasons that Calibra was established as a Facebook subsidiary was because it will be providing financial services, and it will be regulated accordingly. The Calibra wallet will comply with FinCEN’s rules for its AML/CFT program and the rules set by the Office of Foreign Assets Control (OFAC) with respect to financial sanctions. State financial regulators will regulate Calibra as a money transmitter, and the Federal Trade Commission and the Consumer Financial Protection Bureau will monitor for consumer protection and data privacy and security issues. Calibra has filed for state money transmitter licenses in the U.S. and it is also registered with FinCEN as a money services business.
Anti-Money Laundering, the Bank Secrecy Act, and Other Law Enforcement and National Security Concerns
Similarly, Calibra will comply with the Bank Secrecy Act and will incorporate KYC and AML/CFT methodologies used around the world, including those focused on customer identification and verification, and risk-based customer due diligence, while developing and applying technologies such as advanced machine learning to enhance transaction monitoring, and suspicious activity reporting. Calibra’s efforts will be commensurate with its risk profile based on several factors, such as Calibra’s product features, customer profiles, geographies, and transaction volumes.
Protecting the Privacy and Security of Personal Information
Calibra is also being designed with a strong commitment to protecting customer privacy. Calibra believes that customers hold rights to their data and should have simple, understandable, and accessible data-management controls. Calibra will not share individual customer data with the Libra Association, no matter how it might be collected, nor will Calibra receive other personally identifiable user data from the Libra Association. And, except in limited circumstances, such as preventing fraud or criminal activity and complying with the law, Calibra will not share customers’ account information or financial data with Facebook unless people agree to permit such sharing. Calibra customer account information and financial data will not be used to improve ad targeting on the Facebook, Inc. family of products.

VI. Conclusion

The goal for Libra is straightforward: A digital currency built on a secure and stable open-source blockchain, backed by a reserve of real assets, and governed by an independent association. We want to create more access to better, cheaper, and open financial services—no matter who you are, where you live, what you do, or how much you have. We recognize that the road to reaching that goal will be long, and it will not be achieved in isolation. That is why we have begun publicizing the vision for Libra and why we have been discussing, and will continue to discuss, how best to achieve that goal with businesses, nonprofit and multilateral organizations, and academic institutions from around the world, as well as with policymakers, central banks, and regulators. We recognize the authority of financial regulators and support their oversight of this project.
Thank you for having me here today. I look forward to answering your questions.

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