Zurich (Reuters) – The former European head of the major bank HSBC, James Emmett, is to control the operational business of the Facebook crypto currency Libra in the future.
The Geneva-based Libra Association announced on Thursday that Emmett will head the operating business unit Libra Networks LLC as managing director from October 1. In May, the former chief legal counsel of HSBC, Stuart Levey, was brought to the helm of the Libra Association, which implements the Libra project initiated by Facebook.
The Libra consortium changed its plans for the digital currency in April in order to make it easier to obtain approval for the project. In addition to a differently tailored version of the originally planned digital money, forms of so-called “stablecoins” are also to be introduced, which are linked to individual currencies. The EU Commission wants to strictly regulate cyber currencies like Libra in Europe.
Central banks and regulators fear that they will lose control of their currency if Libra is widely used by the billions of Facebook users. Experts trust the US Internet company to mess up the global financial system with Libra. The European Central Bank and the Bundesbank are currently examining whether a kind of “digital euro” could make sense.