Cryptocurrency news

A former top Manager of HSBC, will head a division of Libra Association

A former top Manager of HSBC, will head a division of Libra Association

Libra Association has appointed HSBC banking group employee James Emmett as managing Director of Libra Networks LLC.

James Emmett (James Emmett) he worked for HSBC international Bank for about 25 years, as did the new CEO of Libra Association, Stuart Levey, who served as chief lawyer at HSBC. Over the years at HSBC Emmett has held several Executive positions.

Levy emphasized that with a deep understanding of Finance and extensive experience in this industry, Libra developers will be able to turn their ideas into reality. This is about expanding the practical application of Libra in the field of Finance. Emmett will take up his duties on October 1, 2020.

Libra Association is an independent organization with headquarters in Geneva, created to manage the Libra ecosystem. Libra Networks was launched in may 2019 as a subsidiary of Facebook. Libra Networks is directly involved in the development of a cryptocurrency payment system, and in October of the same year, the company took over the management of Libra Association.

The prospects for the Libra stablecoin remain uncertain, as the European Union plans to tighten regulation of stable cryptocurrencies and is already preparing a corresponding bill. In addition, UC Berkeley Economics historian Barry Eichengreen believes that Libra will never be launched due to regulatory opposition, even though the updated project structure.

In April, Libra developers presented an improved White paper stating that the cost of the base LBR cryptocurrency will be calculated based on four stablecoins linked to Fiat currencies. However, according to Eichengreen, new technical documentation project is not enough prescribed anti-crisis measures.

At the same time, former Governor of the Reserve Bank of India (RBI) Raghuram Rajan (Raghuram Rajan) believes that Libra has a better chance of widespread adoption than bitcoin and digital currencies of the Central Bank. Rajan believes that Libra is a better solution for international payments.