Former HSBC exec Ian Jenkins joins Facebook-backed Libra cryptocurrency project as CFO

Libra by Facebook
Facebook's Libra cryptocurrency

Another former HSBC executive is heading to the Facebook-backed Libra cryptocurrency project, joining as chief financial officer of a unit tasked with managing the planned digital currency’s payments system. Also Read: Will US be able to stop China from taking over the tech world?

The Geneva-based Libra Association, which plans to issue and govern the Libra cryptocurrency, said in a statement it has appointed Ian Jenkins as CFO and chief risk officer (CRO) of Libra Networks.

Jenkins is HSBC’s former business finance head and group general manager, the association said. He has also previously worked at Credit Suisse and Santander. Also Read: Google faces antiturst case in India for abusing Android OS position in smart TV market

Financial leaders of the world’s seven biggest economies said on Tuesday that no stablecoin – a type of cryptocurrency, such as Libra, that is often backed by traditional assets – should begin operation until it was properly regulated.

The Libra project, unveiled by Facebook last year, was relaunched in slimmed-down form in April after regulators and central banks across the world raised concerns it could upset financial stability and erode mainstream power over money. Also Read: Founder of McAfee jailed in Spain for tax evasion charges

Libra is now seeking to issue a series of stablecoins backed by individual traditional currencies. It has hired a number of senior executives since applying for a Swiss payments license in April, many of them are specialised in financial compliance and with ties to U.S. government and authorities. Also Read: Apple needs 5G iPhone 12 model in its arsenal if it wants to be relevant in China

In September the project appointed former HSBC European head James Emmett to lead Libra Networks. It also tapped HSBC’s former chief legal officer Stuart Levey – formerly a U.S. Treasury official during the Bush and Obama administrations – to head the association itself.

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