Libra, by Facebook
The Libra Association, the organization behind the future Facebook’s Libra cryptocurrency, has appointed Stuart Levey as its first CEO. Levey has previously served as the 1st Under Secretary of the Treasury for Terrorism and Financial Intelligence during the George Bush and Barack Obama Administrations before becoming HSBC’s Chief Legal Officer.
As of Wednesday, the Libra Association has its first-ever CEO after appointing Stuart Levey. He will serve as the overall strategic leader for the project. The statement reads that Levey will bring “his extensive expertise to combine technological innovation with robust compliance and regulatory framework.”
He will step down from his role as Chief Legal Officer at one of the world’s largest financial institutions with a presence in over 60 countries – HSBC Bank.
Before serving in the US Treasury Department, Levey occupied several senior roles at the US Department of Justice, including Principal Associate Deputy Attorney General.
“I am honored to join the Libra Associate as it charts a bold path forward to harness the power of technology to transform the global payments landscape. Technology provides us with the opportunity to make it easier for individuals and businesses to send and receive money, and to empower more than a billion people who have been left on the sidelines of the financial system, all with robust controls to detect and deter illicit financial activity.
I look forward to working closely with governments, regulators, and all of our stakeholders to realize this vision.” – said Levey, following his appointment as CEO.
Aside from appointing a new CEO, the Libra Association also recently initiated the payment system licensing process with the Swiss Financial Market Supervisory Authority (FINMA). Thus, the organization moved to a more operational phase of the project.
The Association also revamped the core ideas behind the future cryptocurrency. Referred by many as “Libra 2.0,” offered a new whitepaper, which outlined several significant differences. Now, instead of launching one single new currency, Libra plans to create a series of various digital coins, each backed by a different government currency.
Additionally, the previous “permissionless” idea, whereby anybody could help govern the network without a central authority control, has been abandoned. The new version will be a closed system in which only approved partners can operate.
This article was first published on: May 7, 2020