The Switzerland-based Libra Association has appointed former HSBC executive Ian Jenkins as the Chief Financial Officer and Chief Risk Officer of Libra Networks, the Association’s subsidiary. Earlier, the San Francisco-based venture firm Blockchain Capital joined Libra Association to advise on the Association’s creation of its payment system, which was followed by the appointment of another former HSBC exec, James Emmet, as the Association’s Managing Director. A number of big firms like Mastercard, Visa, eBay, and Stripe left the Libra Association.
Libra Association plans to launch the stablecoin soon.
Earlier this year, Facebook-backed Libra Association appointed the HSBC’s former chief legal officer Stuart Levey, an erstwhile Under Secretary of the U.S. Treasury during the Bush and Obama Administrations, to head the Association overseeing the crypto project. The Geneva-based governing body, the Libra Association, in April announced scaled-back plans for the crypto network linked to individual national currencies and overseen by global watchdogs. The new announcement is a retreat from its original plans for a single coin backed by a basket of different currencies.
“Jenkin’s appointment would help move forward to a more operational phase of the project.”
Libra Network’s Managing Director James Emmett said that the network would move forward to a more “operational phase of the project with Jenkin’s appointment.” Meanwhile, central banks across the globe are preparing their own digital payment systems and currencies, taking inspiration from China’s DCEP. Chinese officials had even called the development of global CBDCs as a new “battlefield.” Libra Association received criticism from regulators all around the world for its crypto project. Financial regulators in many countries are still skeptical of Libra stablecoin and don’t want the company to go ahead with the project unless they meet all the regulatory standards.