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Facebook’s Libra Association has a new CEO in the person of Stuart Levey, HSBC’s chief legal officer. This comes after the association announced an overhaul of its stablecoin initiative.
Recent reports have stated that Stuart Levey has been named the new CEO of the Libra Association. Levey currently acts as the chief legal officer for HSBC and will take on his new role moving forward. The announcement was officially made on May 6, 2020.
The Libra Association is the official governing body for the Libra token and its accompanying Calibra wallet. The project marks Facebook Inc.’s official foray into the world of blockchain and cryptocurrency following months of speculation. The Libra project was first announced by Facebook in June 2019.
The announcement of a new CEO is not the only major change that has taken place for Libra. Back in April 2020, Libra announced that there would be an overhaul of its stablecoin initiative. As part of the overhaul, multiple stablecoins will be released, with each being tied to one fiat currency or the other.
It is also strongly implied that the efforts of the Libra project will be in line with initiatives by central banks across the globe to develop their own digital currencies. Since the announcement of the Libra token, there has been opposition from a number of global finance leaders. One of the common criticisms features the idea that the Libra token might undermine economic sovereignty in nations around the world.
According to the official announcement, the project has just secured a payment system license under the regulatory supervision of Switzerland’s Financial Markets Supervisory Authority. The announcement also said that Levey’s leadership will “help ensure our vision for innovation, inclusion, compliance and competition.”
Though, it should be noted that Libra doesn’t appear to have a stellar reputation in Switzerland. The Swiss president called the project a failure back in December of 2019.
Hopefully, Levey’s arrival will help to bring some sense of security to the project. Since its inception, the project has faced a number of challenges. Mark Zuckerberg, the CEO of Facebook, had to appear before the US Congress to defend the upcoming token and wallet. Furthermore, a number of Libra Association members such as MasterCard and PayPal have departed the project.
Levey, to his credit, has a long and impressive track record. He previously served as Under Secretary for Terrorism and Financial Intelligence for the U.S. Treasury Department from 2004 to 2011. He also had a stint at the U.S. Department of Justice.
In his official statement, Levey expressed excitement about his new role. According to him, Libra is working towards harnessing the power of technology in order to transform the global payment landscape. He says that he looks forward to working closely with governments, regulators, and stakeholders to achieve the vision of Libra.
Do you think Levey’s arrival will turn things around for Libra? Is Libra’s working in line with central banks the key to their success?