The Facebook-backed Libra project has appointed former HSBC European head James Emmett to lead Libra’s operational unit tasked with developing and operating the project’s cryptocurrency payments system, the Libra Association said on Thursday.
Facebook Chairman and CEO Mark Zuckerberg testifies at a House Financial Services Committee hearing examining the company's plan to launch a digital currency on Capitol Hill in Washington, US, on October 23, 2019. (Reuters)
Central banks and regulators had feared its original plan for a single coin backed by various currencies and government debt, unveiled in June 2019, could erode national control over money if adopted widely by Facebook’s billions of users.
Emmett, who left HSBC earlier this year amid a strategy overhaul, will join the Libra Association’s operating subsidiary, Libra Networks LLC, as managing director on October 1.
Association head Levey, a former colleague of Emmett’s at HSBC, said he was confident Emmett would “help make Libra’s vision a reality.”
Established in May 2019 as a Facebook subsidiary, ownership of Geneva-based Libra Networks LLC was transferred to the Libra Association in October 2019.