Deloitte Shares Insights on the Libra Project, a Bold New Proposition to Simplify Global Money Movement and Foster Financial Inclusion

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Jan 22, 2020, 11:30 ET

NEW YORK, Jan. 22, 2020 /PRNewswire/ -- Deloitte today published its viewpoint on the Libra Project, a payment tool that seeks to facilitate a more connected global payment system, remove inefficiency in global money movement and commerce, and foster financial inclusion and economic participation. At the center of the Libra Project is the Libra — a digital asset with potential global reach.

The Libra Project is a bold new proposition designed to create foundational financial infrastructure with potential unprecedented scale and reach that would uniquely differentiate Libra.

The Project's governing body, the Libra Association and its members, are part of a larger ecosystem of merchants, users, developers, financial institutions among others, who will likely be pivotal in making the Project successful.

"Despite all of the advancements it has expected, the existing financial infrastructure seems to remain a constraint in an increasingly quickening global ecosystem in which information travels faster, work is increasingly virtual, and geographical borders are fading away," said Linda Pawczuk, principal, Deloitte Consulting LLP and U.S. and global consulting blockchain leader.

The current efforts of the Project reflect an attempt to set up an inclusive, and transparent collaboration across many jurisdictions. The proactive attempt at regulatory and political scrutiny of the Libra initiative has created awareness and momentum in the form of dialogue and pushbacks around the role of digital assets in the global economy.

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SOURCE Deloitte