Former HSBC executive to take leadership role at Libra Association subsidiary

The Libra Association, linked to developing a digital currency led by the world’s largest social network, Facebook, has hired James Emmett as Libra Networks’ managing director. He previously held a similar post at the UK’s largest bank, HSBC, dedicating 25 years of his career to it.

We’re pleased to announce James Emmett as Libra Networks Managing Director. https://t.co/Xfr52AciM9

— Libra (@Libra_) September 17, 2020

Emmett was a colleague of the Libra Association’s current head, Stuart Levey. Levey previously served as Chief Legal Officer at HSBC. Before that, Levey served as Under Secretary of the Treasury for Terrorism and Financial Intelligence in the administrations of George W. Bush and Barack Obama.

Levey believes Emmett’s expertise as a financial-services executive will bring the Libra launch closer.

Libra Networks, registered in Switzerland in May 2019, was created to develop and manage the payments system based on the eponymous digital currency. In October of that year, the Libra Association’s control.

Facebook announced work on the Libra digital currency in June 2019. Initially, the stablecoin was planned to be backed by a basket of multiple fiat currencies.

The project faced a flood of criticism from regulators. Subsequently, the Libra Association, in an updated white paper, said it planned to develop several stablecoins, each pegged to different fiat currencies — the US dollar, the euro, the British pound, and the Singapore dollar. In July, project leadership denied reports that it had abandoned plans to launch a multi-currency stablecoin.

Earlier this week Germany, France, Italy, Spain and the Netherlands urged the European Commission to develop stringent rules that would curb Libra’s threat to national sovereignty in monetary policy.

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