Former HSBC Executive To Supervise Operational Unit Of Libra

Jyoti  |  Sep 17, 2020

The former HSBC European head James Emmett will now lead the operational unit of the Libra project, announced the Libra Association on September 17. 

The operational unit of Libra develops, as well as, manages the crypto payment system of the project which is backed by Facebook.

Libra Appoints High-Level Hires

In April 2020, the Libra project applied for Swiss payment authorization and also updated its platform. Now as per the report, since then, Libra has appointed a number of high-level hires for the project.

The people appointed by Libra either have specialization in financial compliance or have ties with the US government and authorities.

In May, the former Under Secretary of the US Treasury during the administration of Bush and Obama, Stuart Levey, had also been hired by the Libra project to lead the association that is managing the project.

Notably, Levey was also the former chief legal officer of HSBC.  

In order to gain regulatory approval, the governing body of the Libra Association based in Geneva announced scaled-back plans for that crypto network in April 2020. 

Now, the crypto network, for which the plan has been revealed, is related to the national currency and is also being supervised by the global regulators.  

Former HSBC Executive To Join Libra In October

Libra Association's original plan for a single coin, which is powered by different currencies, and the government debt has been a bit threatening for Central Bank and the regulators. 

It was revealed in June 2019, that if the billions of users of Facebook would have adopted that token, then the state would not have been able to control it.

It has been reported that on October 01, Emmett will officially join the operating subsidiary of Libra Association as its managing director. 

The former colleague of Emmett at HSBC and now the Libra Association head, Levey, has recently stated that he is very confident that under Emmett’s guidance Libra would be able to give reality to its vision.

Related News