Cryptocurrencies

Libra recruits its CFO directly from … HSBC! – Cryptocurrencies

To lead a large-scale project like the launch of Libra which is touted as revolutionary, a careful choice of people is required. While a perfect understanding of the cryptocurrency landscape and the global economy is essential, a much more global experience may also suffice. To find it, you will have to look at the major banking institutions of international renown. This is what the Libra foundation understood by naming the new Risk Director for his project. The foundation’s choice fell on Ian Jenkins, who was on the HSBC side. More details below.


A special love for private sector finance experts

In addition to his experience within HSBC, M. Jenkins has also proven its worth in other banking groups such as Santander and Credit Swiss. The man who has just been appointed to manage the disks of the Libra project is by the way not the first defector from HSBC. The Libra foundation had already chosen last September a former executive of the bank as General Manager of Networks. James Emmett, since it is him that it is, commented on the appointment of his former colleague.

Ian’s deep expertise in global finance, risk and strategy will be crucial in bringing Libra’s vision to life ” did he declare. A few months ago, the foundation the services of Stuart Levey to take on the role of CEO. Although this was a very different profile, he was also in charge of HSBC Holdings as Legal Director. Choices that show a particular interest for the international group, but much more for private sector financial experts.

A project that is slow to take shape

This new appointment follows the reluctance expressed by the G7 on the launch of Libra without respecting the appropriate regulatory measures. The group recalled that “no global stablecoin project should be implemented as long as it does not meet legal, regulatory and supervisory requirements through appropriate design and adhering to applicable standards “. Since the publication in June 2019 of its white paper, the Libra project has had to face a lot of criticism from government authorities. Despite updating its content a year later, the American authorities always accuse him of a flagrant delay in terms of compliance with the regulations.

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This problem had already led the Foundation to appoint Stuart Levey –who was undersecretary for terrorism and financial intelligence – as CEO in an attempt to reconcile. An approach that will therefore not have been enough to allay the fears of regulatory bodies. In the meantime, the foundation is continuing its 4-star casting to carry out its project.

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