The Libra Association has appointed HSBC veteran James Emmett as CEO of its subsidiary Libra Networks LLC.
James Emmett spent 25 years at HSBC and is a former colleague of the new Libra Association CEO and former HSBC Legal Director Stuart Levy. Levy is also a former Secretary of State for Terrorism under the George W. Bush and Barack Obama administrations.
Emmett has held several positions during his long career at HSBC, most recently as general manager of the group.
In an official statement, Levy highlighted Emmett’s extensive experience as CFO with “deep subjective and operational experience.” He said that in his opinion, Emmett’s management would “help make Libra’s dream come true.”
The Libra Association, of which Facebook is a member, is an independent member organization based in Geneva created to operate the Libra stablecoin network.
Libra Networks, responsible for the development and operation of the cryptocurrency payment system, was originally established as a subsidiary of Facebook in May 2019. In October of the same year, the ownership of the company was later transferred to the Libra Association.
The balance sheet outlook remains uncertain as leading European economies doubled their commitment last week to prevent global stable currencies from operating in the EU before addressing all legal, regulatory and supervisory issues.
Facebook’s Global Private Sector Stable Currency Initiative was first unveiled in June 2019. The project made central banks around the world look more seriously at the potential issuance of central banks’ digital currencies to keep central bank funds in finance. system.
In response to the global backlash against the project, the Libra Association has updated its original white paper in an attempt to appease regulators, but has made it clear that it is determined to make a final foray into digital payments.
Prior to the appointment of Emmett and Levy, the association hired prominent personalities with US government experience and leading experts in financial compliance and lobbying.