Facebook’s Libra Association appoints HSBC chief legal officer as first CEO

BEIJING, May 7 (UPI) — The Libra Association, the entity that manages The Global Digital Currency Libra, which is the global digital currency launched by Facebook Inc., named Stuart Levy as its first chief executive on Wednesday, according tomedia reports. Mr Levy is currently HSBC’s chief legal officer.

Facebook's Libra Association appoints HSBC chief legal officer as first CEO

The prospect of Facebook’s 2.5 billion users adopting Libra has drawn intense scrutiny from regulators around the world, with many concerned that Libra’s launch could erode the country’s grip on the currency.

Some of Libra’s most prominent initial supporters, including payment giants such as Mastercard, Visa and PayPal, have abandoned the project as the reviews progress.

In April, Libra’s governing body said it would be linked to national currencies and regulated by global regulators, a small reform of Libra in the hope of winning regulatory approval.

The original plan was to support Libra in a variety of currencies and government debt, which was announced last June. But central banks and regulators worry that the currency could destabilize monetary policy, encourage money laundering and erode user privacy, leading some to block the cryptocurrency.

Libra, which was originally scheduled to launch at the end of June, is now aiming to launch between mid-November and the end of the year.