Leading experts in financial services continue to join the Libra project. The association has just appointed HSBC veteran James Emmett as managing director of the subsidiary Libra Networks LLC.
Libra Networks LLC with a new boss
James Emmet spent 25 years at HSBC and is reportedly a private colleague of the new CEO of the Libra Association, ex-HSBC legal director Stuart Levey. Levey is also the former Undersecretary for Terrorism during the time that George W. Bush and Barack Obama were at the helm of the White House.
Emmett, on the other hand, has held many positions during his long career with HSBC. Recently he has worked as a general manager.
In an official statement, Levey highlighted Emmett’s extensive experience as director of financial services “With deep substantive knowledge and operational experience”. He said he believed it would work with him “To make Libra’s vision a reality.”
Libra still has not been created
Libra Association, whose member is incl. Facebook, but also other big market players, is an independent organization based in Geneva, created to manage the Libra Coin network – a stablecoin that the largest social media portal in the world wants to create.
Libra Networks is the company responsible for the development and operation of the project’s cryptocurrency payment system and was established as a subsidiary of Facebook in May 2019. Later, the ownership of the company was transferred to the Libra Association, in October last year.
Still, Libra Coin has not hit the market. This is certainly related to the pressure of politicians and officials around the globe, who clearly attacked Facebook for plans to issue their currency. Mark Zuckerberg’s website was believed to be not reliable enough to issue its digital currency at all.
It is true that Facebook itself defended itself with the fact that Libra Coin would not be a competition for, for example, the dollar, but only a payment tool, but it did not help much.
The effect is that it is still unclear when and if the project will even start in full swing.