Facebook's Libra unveils HSBC legal head as its first chief executive

Thursday 7 May 2020 07:11 CET | News

Facebook’s digital currency project Libra has unveiled HSBC legal chief and former George W Bush-era terrorism finance head Stuart Levey as its first chief executive.

Besides heading HSBC’s legal team for the past eight years, Stuart Levey was also a US under-secretary for terrorism and financial intelligence in the mid-2000s and was credited with helping to bring Iran to the negotiating table on nuclear power, according to Financial Times.

He will start his new job in July 2020, based in Washington DC, the Libra Association announced on May 6, 2020. A key challenge he will face will be convincing regulators and politicians that the digital currency project will not support drug dealers and money launderers.

Recently, Libra announced plans to reduce the scope of its initial vision in separate efforts to reassure regulators that it will not become a hotbed for criminal activity. The 24-member association will now maintain centralised oversight of the developers that build on the network, forgoing earlier plans to move to a ‘permissionless’ system that participants could join without vetting. It will also set up a ‘financial intelligence unit’, the online publication added.
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Keywords: Stuart Levey, digital currency, cryptocurrency, Libra, Libra Association, money laundering
Categories: DeFi & Crypto & Web3
Countries: World
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