Former HSBC Governor Takes Leading Role in Libra’s Subsidiary

The Libra Association, linked to the digital currency development of Facebook’s largest social networking site, has hired James Emmett as CEO of its Libra Networks subsidiary. Previously, he held a similar position at the largest UK bank HSBC, giving him 25 years of his career.

Emmett was a colleague of the current head of the Libra Association, Stuart Levy. The latter served as Director of Legal Affairs at HSBC. Prior to that, Levy served as Deputy Treasury Secretary for Counter Terrorism and Financial Intelligence in the George W. Bush administration. and Barack Obama.

Levy expects Emmett’s subject matter knowledge as chief financial officer to bring Libra closer.

Libra Networks, registered in Switzerland in May 2019, was created to develop and manage a payment system based on the digital currency of the same name. In October of the same year, the company came under the control of the Libra Association.

Facebook’s work on digital currency Libra was announced in June 2019. Initially, it was planned to provide stablecoin with a basket of many fiat currencies.

The project has faced a flurry of criticism from regulators. Subsequently, the Libra Association in an updated white paper announced plans to develop several stablecoins, each of which will be pegged to different fiat currencies – the US dollar, the euro, the British pound and the Singapore dollar. In July, the project management denied the abandonment of plans to launch a multicurrency stablecoin.

Earlier this week, Germany, France, Italy, Spain and the Netherlands called on the European Commission to develop strict rules that would reduce the Libra threat to national sovereignty in monetary policy.

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