Facebook’s Libra Association Appoints HSBC Chief Legal Officer As Its First CEO

Umme Haani
Umme Haani is a writer for Thecoinrepublic. she contributes a researched piece on cryptocurrencies and updates. Umme is an aspiring engineer who immensely enjoys writing and technical writing brings the best of both worlds under one roof for her.
  • Stuart Levey becomes the first CEO of the Libra Group, the company behind Facebook’s potential cryptocurrency Libra.
  • He expressed his delight to enlist Libra Associate. As it was paving way for specialized tool deployment and to remake the planet of donations.
  • In addition to the appointment of a new CEO, the Libra Association has also started the process of licensing the payment system with the FINMA.

Stuart Levey becomes the first CEO by the Libra Group, the company behind Facebook’s potential cryptocurrency Libra. Levey has worked as the first under the Treasury for Terrorism and Financial Intelligence director since becoming a chief legal officer of HSBC in the George Bush and Barack Obama administrations.

Libra Association Has A New CEO

Stuart Levey is appointed as the Libra Association’s first-ever CEO as on Wednesday. He acts as the overall strategic project leader. Levey’s statement believed that his extensive experience would add technical creativity with a strong legal and regulatory structure.

In addition, he has a presence in over 60 countries – HSBC Bank, a Chief Legal Officer of one of the biggest financial institutions in the world.

Levey held a variety of senior positions in the US Department of Justice before.  He has worked with the US Treasury Department, including Senior Associate Deputy Prosecutor General. He expressed his delight to enlist Libra Associate. As it was paving way for specialized tool deployment and to remake the planet of donations. Further adding:

“Technology gives us the opportunity to simplify the transportation and receiving of money to individuals and businesses by allowing more than a billion left in the financial system to detect and prevent illicit funding activities with robust monitoring. I look forward to joining Libra Associate.

Libra’s Recent changes

In addition to the appointment of a new CEO, the Libra Association has also started the process of licensing the payment system with the FINMA. The company has thus shifted to a more operational phase.

The Association has also updated the key concepts of the future cryptocurrency. Many people referred to as “Libra 2.0,” a new blank paper that highlighted some big differences. Now, Libra aims to build a series of different digital coins each backed by a different government currency, rather than introducing a single new currency.

Furthermore, the previous “permitless” concept, which let anyone help manage the network without the supervision of central authorities, was abandoned. The new version is a closed network that can only work with authorized partners.

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