Facebook hired the senior UK bank lobbyist Ed Bowles who will work on the GlobalCoin launch in order to help the company figure out European regulations. In the altcoin news today we read more about his bio.
According to the Financial Times, Facebook will work with the Standard Chartered European Head of Corporate and Public Affairs Ed Bowles starting from September. He will work as the director of public policy. Bowles left Standard Chartered after 12 years of work to join Facebook which is expected to publish the whitepaper of the centralized cryptocurrency-GlobalCoin in four days.
The social media giant has been facing strong regulatory pressure over the years after the Wall Street Journal released a report about the questionable privacy practices of the company. Facebook is now strongly focusing on complying with the financial laws before they launch their own cryptocurrency. At the beginning of the month, the outgoing US Commodity Futures Trading Commission (CFTC) chairman Chris Giancarlo confirmed that the CEO of Facebook Mark Zuckerberg has initiated conversations about GlobalCoin with the regulatory body. He also met with the Bank of England Governor Mark Carney and discussed financial plans and the launch of his cryptocurrency.
Also, Facebook hired the UK Deputy PM and Liberal Democrats Head Nick Clegg back in January who moved to Silicon Valley to work as the company’s head of global policy and communications. Clegg served as a member of the European Parliament and also was a European Commission trade negotiator and Facebook hired him in order to get influence in the EU.
As previously mentioned in the latest cryptocurrency news, Facebook had plenty of privacy scandals in the past and regulators are now worried that the tech giant can comply with the Know Your Customer and Anti Money Laundering policies. The European Commission Director General for Financial Stability Olivier Guersent stated:
“Facebook has a right like anyone else to launch itself on the market. But the issue is really the connection with the rest of their activities and the collection of data. That’s the angle through which we could tackle it.’’
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]