Facebook’s Libra cryptocurrency taps ex-HSBC exec as CFO of payments unit

In this news, we discuss the Facebook’s Libra cryptocurrency taps ex-HSBC exec as CFO of payments unit.

LONDON (Reuters) – Another former HSBC executive heads to the Facebook- supported the FB.O Libra cryptocurrency project, joining as CFO of a unit tasked with managing the planned digital currency payment system.

The Geneva-based Libra Association, which plans to issue and manage the Libra cryptocurrency, said in a statement that it had appointed Ian Jenkins as chief financial officer and chief risk officer of Libra Networks.

Jenkins is the former head of corporate finance and chief executive of HSBC group, the association said. He also worked at Credit Suisse and Santander.

Financial leaders from the world’s seven largest economies said on Tuesday that no stable currency – a type of cryptocurrency, like Libra, which is often backed by traditional assets – should start working until it does. has not been properly regulated.

The Libra project, unveiled by Facebook Last year was revived in a lean form in April after regulators and central banks around the world voiced fears of disrupting financial stability and eroding dominant power over money.

Libra is now looking to issue a series of stablecoins backed by individual traditional currencies. She has hired a number of senior executives since applying for a Swiss payments license in April, many of whom specialize in financial compliance and have ties to the US government and authorities.

In September, the project appointed former HSBC European director James Emmett to head Libra Networks. He also enlisted former HSBC legal director Stuart Levey – a former head of the US Treasury under the Bush and Obama administrations – to lead the association itself.

Reporting by Tom Wilson; Editing by Dhara Ranasinghe and Frances Kerry

Original © Thomson Reuters Corporation

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