The Libra Association, the organization developing the Facebook-backed cryptocurrency project libra, has hired a banking heavyweight to help drive the initiative forward.
- The Geneva-based organization announced Thursday that former HSBC executive James Emmett will take on the role of managing director of Libra Networks LLC, the operating company subsidiary of the Libra Association.
- Taking up his new position on Oct. 1, Emmett will "help make Libra's vision a reality," said the association's CEO, Stuart Levey.
- Emmett brings 25 years of experience at HSBC, where has was previously CEO of HSBC Bank PLC and Europe.
- Before that he was chief operating officer at the bank, where he guided technology and operations.
- Talking of his new role, Emmett said: " I am delighted to be joining Libra Networks with a mission to enhance financial innovation and inclusion and to deliver the operationalization of the network.”
- The Libra project is forging on with its plans, despite having had strident pushback from regulators and politicians over its potential affects on financial stability and monetary sovereignty.
- In effect, some fear that a digital payments system pushed over Facebook's network of billions of global users could lessen the influence of fiat currencies and the powers that control them.
- Libra was said to have abandoned plans for its stablecoin to be backed by a basket of major fiat currencies, though that was disputed by its policy director in July.
- Meanwhile, the European Union may bring in regulation that would set stringent standards for "global stablecoins," the apparent regulators' code term for libra.
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