The world had eyes on the crypto industry after the social media giant, and Facebook announced its entry into the crypto-verse with the Libra project. However, the regulatory hurdles came in the way of the Facebook venture and delayed the project. Despite halting the project, it seems to be back on track as the Libra Association continues to onboard more people into the project.
The Libra Association shared an announcement revealing the recruitment of James Emmett as the Managing Director of Libra Networks LLC. Emmett previously headed the HSBC Europe and will reportedly commence working with, Libra Networks, the subsidiary company if Libra Association from 1 October 2020.
Previously serving as the Chief Executive at the HSBC Bank in Europe, Emmett has been a part of the financial sector for the last 25 years. Putting his experience and knowledge into practice, Emmett hopes to make a real difference in the field. He added,
“[…]I am delighted to be joining Libra Networks with a mission to enhance financial innovation and inclusion and to deliver the operationalization of the network.”
In the announcement, the Association highlighted Emmett’s experience across Europe. The HSBC veteran was reportedly responsible for the launch of HSBC’s UK Wholesale Bank and operations across Continental Europe, Sub-Saharan Africa, and Bermuda.
The latest news comes as a response to the recent meeting held by the Finance Ministers of the European Union. A week ago, the EU released a statement stressing on how only the European Central Bank was authorized to issue currencies. Bruno Le Maire, the French Finance Minister even stated,
“[…]And this point, it’s something that cannot be jeopardized or weakened by any kind of project including the so-called Libra project.”
While the Libra project was already in troubled waters, this news caused further uncertainty of the project.
Additionally, Emmett wasn’t the only from HSBC that the Libra Association has bagged. The CEO of the Libra Association, Stuart Levey was previously serving as the Chief Legal Officer of HSBC.