facebook-domain-verification=366d1vhp7m28pjgbde7ljry569vdt5 Here Is All You Should Know About “Libra” A Simple Global Currency Built On The “Libra Blockchain”
  • The Startup Saga

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  • The Startup Saga

Here Is All You Should Know About “Libra” A Simple Global Currency Built On The “Libra Blockchain”

Libra, a simple global currency that people can use for their everyday needs, built on the #Libra Blockchain. The evolution of the Libra Blockchain will be overseen by the Libra Association, an independent not-for-profit headquartered in Geneva. The association will be responsible for facilitating the operation of the Libra #Blockchain and managing the reserve that backs the currency. The Libra #Association will consist of geographically distributed and diverse businesses, nonprofit and multilateral organizations, and academic institutions.

The problem which are being addressed…

• 1.7 billion people – 31% of the global adult population – remain unbanked, meaning they do not have access to an account at a financial institution or to mobile money. – World Bank, 2017 Global Findex report

• Approximately 8.4 million U.S. households, made up of 14.1 million adults and 6.4 million children, were unbanked in 2017. – FDIC, 2015 National Survey on Unbanked and Underbanked Households

• Women are disproportionately excluded from financial systems, with nearly 1 billion left out of the formal financial system. Additionally, there is a persistent 9% gender gap in financial inclusion in developing economies. – Gates Foundation

By increasing access to financial services...

• $3.7 trillion (or 6%) of GDP could be added to the economies of developing countries by 2025 through the widespread adoption and use of digital financial services. – McKinsey Global Institute, 2016 Digital Finance For All

• Including unbanked adults in the formal financial system could generate $110 billion in global economies. – Accenture Banking Inclusion report

And harnessing increased adoption of mobile broadband and the Internet...

• Mobile phones and the internet offer strong opportunities for increased access: globally, 1 billion financially excluded adults own a mobile phone and about 480 million have internet access. – #WorldBank 2017 Findex report

• There has been a significant increase in the use of mobile phones and the internet to conduct financial transactions. Between 2014 and 2017, this has contributed to a rise in the share of bank account owners sending or receiving payments digitally, from 67% to 76% globally and from 57% to 70% in the developing world. – The Global Findex Database 2017

To enable people to send money to anyone, from anywhere for a low fee...

• A total of $613 billion was sent globally across borders in 2017, with $466 billion going to low- and middle income countries. – World Bank Migration and Development Brief

• On average, the cost to send $200 across borders is 7.1%. This fee is generally higher in developing nations; for instance the cost is 9.4% in Sub-Saharan Africa. – KNOMAD 2018 Migration and Development Brief

• $25 billion is lost by migrants every year through remittance fees. – #UNESCO Global Education Monitoring Report

And empowering businesses around the world.

• Access to finance is a key constraint to SME growth. Without access to capital, many SMEs languish and stagnate. SMEs are less likely to be able to obtain bank loans than large firms; instead, they rely on internal funds, or cash from friends and family, to launch and initially run their enterprises. – World Bank SME Finance

• Approximately 70% of all micro-, small-, and medium-sized enterprises (#MSMEs) in emerging markets lack access to credit. – World Bank SME Finance