Liberty Reserve is incorporated under the laws of Costa Rica.
Liberty Reserve is a 100% irrevocable payment system and digital currency. You can send or receive money to or from anyone in the world. Special features include: Get paid, stay paid - unlike credit cards, all payments are irrevocable. You can even send payments to many users at once using the batch pay option. Pay your bills - Just use any of our approved exchange providers to send a check to you or anyone and anywhere in the world in exchange for your Liberty Reserve funds. Liberty Reserve is protected by an offshore Trust, and is at all times backed 100% by U.S. dollars for LR-USD accounts, and by gold for LR-gold accounts, etc.
Be aware, for funding or withdrawing your money to/from your LR account you will have to use a currency exchange service (see under Currency Exchanger). The fees for LR transactions are very low but in addition come the fees to withdraw/fund with an exchanger. So the cost of using a LibertyReserve account depends much on the frequency and amount you exchange your cash. On the website of Liberty Reserve is a list of exchanger services, it depends a lot what country you're in which is the best to choose.