Former Head of HSBC Will Help Reanimate Libra
Despite opposition from Governments around the world, the project is still ongoing. Facebook, the developer of the Libra cryptocurrency, has announced the appointment of Ian Jenkins as CFO of the digital payment system.
Ian Jenkins is a former CEO of HSBC, a London-based investment banking firm. In 2019, HSBC's profit exceeded $56 billion and is currently the sixth largest bank in the world and the largest bank in Europe.
Ian Jenkins' experience will certainly help in promoting Libra. But the project still faces major regulatory challenges from the world's powers. On October 12 the G7 project became known and the plans to oppose the launch of Libra.
The G7 continues to insist that global stablecoin projects should not work unless relevant laws, regulations and oversight requirements are fully complied with through proper design and adherence to applicable standards.