The Libra Association has appointed HSBC Banking Group employee James Emmett as Managing Director of Libra Networks LLC.
James Emmett spent about 25 years at HSBC International Bank, as did the new Libra Association CEO, Stuart Levey, who served as Chief Legal Officer at HSBC. Over the years at HSBC, Emmett has held several management positions.
Levy stressed that thanks to a deep understanding of the field of finance and extensive experience in this industry, Libra developers will be able to translate their ideas into reality. It is about expanding the practical application of Libra to finance. Emmet will take up duties on October 1, 2020.
The Libra Association is an independent organization headquartered in Geneva, created to manage the Libra ecosystem. Libra Networks was launched in May 2019 as a subsidiary of Facebook. Libra Networks is directly involved in the development of a cryptocurrency payment system, and in October of the same year the company was taken over by the Libra Association.
The outlook for the stablecoin Libra remains uncertain as the EU plans to tighten regulation of stable cryptocurrencies and is already preparing a corresponding bill. In addition, University of Berkeley economics historian Barry Eichengreen believes Libra will never launch due to regulatory opposition, despite the revamped project structure.
In April, Libra developers unveiled an improved White Paper that states that the base LBR cryptocurrency will be priced using four stablecoins pegged to fiat currencies. However, according to Eichengrin, anti-crisis measures are not sufficiently spelled out in the new technical documentation of the project.
At the same time, the former governor of the Reserve Bank of India (RBI) Raghuram Rajan believes that Libra has a better chance of widespread adoption than Bitcoin and the digital currencies of the Central Bank. Rajan is confident that Libra is a more suitable solution for international settlements.
