> "Libra’s mission is to enable a simple global currency and financial infrastructure that empowers billions of people."
They do this by issuing coins in exchange for fiat money, which is held by the reserve.
> "Interest on the reserve assets will be used to cover the costs of the system, ensure low transaction fees, pay dividends to investors who provided capital to jumpstart the ecosystem [...]. Users of Libra do not receive a return from the reserve."
Conceptually this is a bank, but with no interest returned to users, no financial oversight from governments, controlled by Silicon Valley's top companies.
> "Libra’s mission is to enable a simple global currency and financial infrastructure that empowers billions of people."
They do this by issuing coins in exchange for fiat money, which is held by the reserve.
> "Interest on the reserve assets will be used to cover the costs of the system, ensure low transaction fees, pay dividends to investors who provided capital to jumpstart the ecosystem [...]. Users of Libra do not receive a return from the reserve."
Conceptually this is a bank, but with no interest returned to users, no financial oversight from governments, controlled by Silicon Valley's top companies.