The EX HSBC Europe CEO James Emmett, has now officially become the managing director of the Libra Association Networks. Previously, Emmett was working with HSBC for 25 years as we are reading more in the latest Libra news.
Emmet will become the managing director of Libra networks starting on October 1st. The Libra Association which is a member organization of Facebook’s Libra initiative, appointed James Emmett, the Ex HSBC Europe CEO according to a new announcement published today. He will take up his new role on October 1st as mentioned earlier. Emmett said:
“As someone who is passionate about the opportunities for financial services and technology to make a real difference, I am delighted to be joining Libra Networks with a mission to enhance financial innovation and inclusion and to deliver the operationalization of the network.”
According to the announcement, Emmett worked at HSBC for more than 25 years and it is an experienced financial services leader that has a lot of knowledge in business, technology, and strategy. He held the position as a chief operating officer at the bank and the chief executive role of HSBC Bank and Europe. From the start, the global regulators were not happy with Libra saying that the project has to be stopped in its tracks but Libra initially planned to create a stablecoin that is backed up by different currencies which is what made the project suspicious.
Libra’s white paper was then revised in April to focus on stablecoins for specific fiat currencies but instead of being backed by EUR, GBP and USD, the Libra coin would be backed by stablecoins. Smart Contracts will keep the price linked to the combination of stablecoins. Libra’s director of Policy Julien Le Goc, said:
“We’ve not abandoned the multi-currency stablecoin, drawing its DNA from the IMF’s special drawing fund, which remains an important design feature.”
The project started reinforcing the staff with experts from the field of traditional finance. Libra announced back in May that they will be hiring Stuart Levey who is the chief legal officer at HSBC at the time. The association onboarded Robert Werner as its general counsel which means that the team of the association is now full of highly experienced people and professionals.
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