Bitcoin Forum

Libra Association hires former HSBC veteran to head its stablecoin project

The Libra Association has hired former HSBC European head James Emmett as the managing director of Libra Networks — the operating company subsidiary of the association.

Emmett is joining Libra on October 1, the association announced on Thursday. Emmett spent more than 25 years at HSBC and recently stepped down as the CEO of HSBC Bank plc and Europe, where he led the bank's operations across Continental Europe, Sub-Saharan Africa, and Bermuda.

Stuart Levey, CEO of the Libra Association, who also joined from HSBC recently, said Emmett's leadership "will help make Libra's vision a reality."

Libra has been gearing up to launch its stablecoins with the recent high-profile appointments, including Steve Bunnell as chief legal officer and Sterling Daines as chief compliance officer.

The appointments follow the release of an updated white paper by the association and an application of the payment license from Switzerland's Financial Market Supervisory Authority (FINMA).

https://www.theblockcrypto.com/linked/78001/libra-association-hires-former-hsbc-veteran-head-stablecoin-project

Will it still be a blockchain based coin or they have completely changed the model due to pressure from traditional sectors because some days ago there were rumors that they will now launch a virtual coin just like other platforms already have to avoid further conflicts but i still support decentralized and blockchain based coin.

I thought that Libra won't pursue it anymore. But here they go, hiring some professionals that were from the banking industry.
Any source where we can read about their hearings?

I don't think we need any additional stablecoins in this market, USDT is a strong currency and it can satisfy the majority of people in this market.
The launch of the stablecoin by Libra is probably unnecessary in the current market situation.

I wonder if they will ever be able to start, how much different work they have already done, and so far I do not see the point in this.

Libra was proposed to be launched in January 2020 but till now there is no solid announcement of its official launch. We all know it is owned by facebook with big funding from top companies now all we want is the launch as it will massively help in the adoption of all cryptos.

In any market in the world there is a need for competition, competition will make the market grow and everyone will benefit from it.
Of course USDT is a good coin, however it is not a perfect coin. The appearance of a few more stablecoins will make the market more developed and people will have access to the best products.

For some legal reasons on the part of the government the launch of Libra has been delayed indefinitely, until now it is not known when the libra coin will be released.
It seems that this time the Libra Networks company just wants to launch one stablecoin and it doesn't seem like the Libra coin is.

Didn't know the Libra project still active since from the last time it was stopped by the government from launching, we already have enough stable coin in the market what difference will the libra coin bring that will make people to trust it enough to use it.

I didn't even know that Libra was still going on. We have heard about them a lot during 2019 and they were the main talk, I remember from around march or April towards September all the talk was about Libra and even crypto prices went up a lot when they actually came out and said all the rumors were true and facebook was dealing with crypto and making their own version as well. Haven't heard from them in all of 2020 honestly, by the end of 2019 Libra was old news and people forgot about it and none in 2020 neither.

Hopefully this new appointment would make them break the news once again, it would really help out a lot to actually get rid of USDT because I do not trust them, not like I trust facebook and rather have someone else but at least I trust them more than tether.

Most people use stablecoins as a means of hiding assets from fluctuations in the crypto market, and USDT is doing very well right now.
Libra Networks' stablecoin is difficult to capture USDT's market share, of course if Libra Networks offers a better and more transparent product they will have many advantages.

Why kill the goose that lays the golden egg? Libra has every chance of being realized in a regulated field, the only question is how they will succeed.
They probably want to do this through the banking sector. It is interesting that Libra has no competitors yet, because Pavel Durov's TON, in fact, was killed by American regulators.

Industry investment firm Blockchain Capital joins the Libra Association

Blockchain Capital has joined the Libra Association as its twenty-seventh member.

Announcing the news on Friday, the association said Blockchain Capital would assist with building a blockchain-based payment system to support financial services innovation.

The newest addition comes three months after the Facebook-led project added Singapore investment giant Temasek and venture firms Paradigm and Slow Ventures as its members. Notably, Tagomi is no longer listed as an independent member of the association as the company was recently acquired by Coinbase, which itself is a member.

Libra has been gearing up to launch its stablecoins following the release of an updated white paper and applying for the payment license from Switzerland's Financial Market Supervisory Authority (FINMA). On Thursday, the association also announced the hiring of former HSBC European CEO James Emmett as the managing director of Libra Networks — the association's operating company subsidiary.

https://www.theblockcrypto.com/linked/78137/blockchain-capital-libra-association

Not really going to help much with such appointment but anyway that's a good move, Libra is yet to have clearance from the different government that is what stopping it from becoming the reality so how this can convince government to regulate Libra into their country.

I see the reaction of other countries as the competitor of Libra and that's the CBDC. Needless to say, this is Facebook and it's wider than we can ever think of.
They can succeed but there are too many barriers that are stopping them which are questioning them. I'm not a supporter of this project but something like this who's already in the mainstream can easily manage their pavement to success.

Libra's advantage lies in the fact that the project has been developed for a long time, while there is a constant dialogue with the regulators.
Other projects have yet to go this way, while Libra already at this stage has enough to proliferate her interests in Congress and the Senate.

Of course they will. Why would they not. We will see 100 and more stable coins emerge in upcoming years. Most central banks will issue one. Or at least cooperate with other central banks to issue together.

I expected Libra to launch already but nonetheless hiring veterans to spearhead their the development of calibra. That's a great step in the right direction. Is libra still on track to launch this year?

Tether and strong? There are so many questions about Tether. They can´t prove their holdings in the banks, there are so many USDTs printed every day plus the authorities in Poland confiscated their bank accounts temporarily (worth 400 mln EUROs). It doesn´t seem like a strong stable coin for me.  :D

It will still use blockchain and it will be the same like other stable coin i.e USDT, USDC, BUSD and many more. You can take a look at the official site of libra itself and it's stated that if libra will be a blockchain based platform

https://libra.org/en-US/

It will influence the regulators and the government that they should also take into consideration projects like this. If not, people will just go turnaway from what they've allowing.
But with this curiosity and hearings, they'll have an idea what crypto is all about and this isn't just an advantage for Libra.

The reshuffles and new appointments to the leadership positions of the Libra project have already been carried out in the spring. With such decisions, Zuckerberg decided, it seems, to periodically remind about his project. The time of the great Libra project has already passed, and this stablecoin has not yet appeared. If it does appear, it will already be one of the many unremarkable projects. In my opinion, the emergence of the digital yuan will be a more significant event.

Libra needs to deal with a ton of stuff to become legit because facebook is one of the biggest companies in the whole world and their products are used every day all the time and that means they are a lot more intertwined with the government and IRS and SEC as well, even their Ireland scheme is getting so much attention so it is a quite important thing if they manage to make Libra a reality.

However, what we are missing out is the fact that IF they actually do manage to make Libra a reality and there is a stable currency called Libra that exchanges list or pair with crypto coins and you can use it in many places of facebook's companies, that is as legit as it comes and the attention and the hype it will create will be nothing we have ever seen in the crypto world.