Libra picks former HSBC brass as CFO

The G7's recent rejection of Libra doesn’t seem to have slowed them down.

The Libra Association, which oversees the as-yet unreleased Libra cryptocurrency, has chosen a chief financial officer and chief risk officer for the project. 

Ian Jenkins, who touts experience from HSBC, Santander, and Credit Suisse, will supervise the Libra Network’s finances and risk management, according to an Oct. 15 announcement.

"Ian’s deep expertise in global finance, risk and strategy will be crucial in bringing the Libra vision to life," James Emmett, managing director for Libra Networks, said in the announcement. Emmett, a former HSBC brass himself, joined Libra in September 2020.

The news comes only days after the multi governmental group G7 explained that the project needed proper regulatory measures in place prior to launch. 

“The G7 continues to maintain that no global stablecoin project should begin operation until it adequately addresses relevant legal, regulatory, and oversight requirements through appropriate design and by adhering to applicable standards,” said a draft of the G7’s concerns.

Libra burst onto the global scene with its white paper release in June 2019, but subsequently suffered a number of regulatory delays. Although the project released an updated white paper in 2020, the alterations still failed to satisfy U.S. regulatory concerns

Libra has continued to build out its framework behind the scenes, posting a number of updates in recent weeks. 

Cointelegraph reached out to Libra for additional details, but received no response before publication. This article will be updated accordingly should a response come in. 

UPDATE Oct. 15, 14:40 UTC: This article has been updated with added information.

Publication date: 
10/15/2020 - 17:07
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