Facebook-backed Libra Association on Wednesday appointed Stuart Levey, a former US Treasury official who led a team battling financial fraud, as its new top executive.
Levey, who has been a chief legal officer at HSBC Holdings most recently, will oversee the Facebook-based company to operate a global digital payment network.
In a statement Levey said:“I am honoured to join the Libra Association as it charts a bold path forward to harness the power of technology to transform the global payments landscape.”
Before joining major financial institution HSBC, Levey served as the first under Treasury Secretary for Terrorism and Financial Intelligence during the administrations of George W Bush and Barack Obama.
Katie Haun, a Board member from Libra said: “Stuart brings to the Libra Association the rare combination of an accomplished leader in both the government, where he enjoyed bipartisan respect and influence and the private sector where he managed teams spread across the globe.”
Levey’s credentials could help reassure regulators around the world in fear of Libra threatening their sovereignty and being able to avoid detection of criminal financial dealings.
The group is seeking acceptance in individual currencies for digital coins, revamping its crypto-currency programme in a bid to reduce damage to the global monetary system.
A plan submitted to Swiss regulators could restrain the ambitious digital money initiative unveiled last year and claimed to be a financial inclusion tool but slammed by global monetary leaders.
Separate “stablecoins” would be created and linked to real-world money like the US dollar and the euro, according to the new plan.
After hearing comments and feedback on its initial plan, the group, which includes Facebook and a number of members, said a change to use individual currencies was made.
Libra is due to be launched briefly this year but has been battered by extreme criticism from some of the most powerful financial authorities in the world.
The association said in a white paper that the aim is for Libra to complement current currencies and monetary policies while reducing costs and giving people and businesses broader access to banking and finance.