The Facebook-backed Libra cryptocurrency project appointed a former US finance policy chief because it s first chief executive as it seeks to win the favour of worldwide regulators. Facebook’s Libra appoints HSBC legal chief Stuart Levey as CEO Libra Association, the entity managing the Facebook Inc led effort to build global digital currency Libra, on Wednesday named Stuart Levey as its first chief executive officer. Levey is currently serving as the Chief Legal Officer of HSBC.
Stuart Levey is a former head of the US Treasury’s department overseeing terrorism and national security, also he was known for using the dollar as a weapon for cutting off funding to the terrorist groups. In 2004 by President George Bush and the first to hold the role, he saw sanctions on Iran by pressuring foreign banks that not to do business with the country, and so also focused on stopping money from wealthy Saudi Arabian donors.
The prospect of Facebook’s 2.5 billion users adopting Libra has led to intense scrutiny from the worldwide regulators, with the various worried its launch can erode national control over money.
The most prominent original backers of Libra with including payments giants Mastercard Inc., Visa Inc and PayPal Holdings Inc., also ditched the project in the wake of the scrutiny. In April, its governing the body told Libra will be linked to individual national currencies and overseen by global watchdogs.
The original plan was for Libra ,to be backed by a wide mixture of currencies and government debt. But central banks and regulators feared the cryptocurrency can destabilise monetary policy, facilitate money laundering and erode users’ privacy with some threatening to block it. Libra, which has planned to launch by the top of June now aims to try to to so between mid-November and therefore the end of the year.