The buzz is that Libra Association is all set to launch its very own digital currency called Libra. They named Levey as the CEO of Libra Association on Wednesday. Levey is currently serving as the Chief Legal Officer in HSBC. The association was first announced on the 18th of June, 2019 with a mission of enabling global payment system and economical infrastructure to empower billions of people. The company has stated on their official website that Mr. Levey’s expertise will prove to be useful in the journey along with technological innovation.
“I am honored to join the Libra Association as it charts a bold path forward to harness the power of technology to transform the global payments landscape,” said the new CEO.
“Technology provides us with the opportunity to make it easier for individuals and businesses to send and receive money, and to empower more than a billion people who have been left on the sidelines of the financial system, all with robust controls to detect and deter illicit financial activity. I look forward to working closely with governments, regulators, and all of our stakeholders to realize this vision.”
While it counts as good news to some, global regulators and corporations are not pleased about it. They anticipate that the launch of the cryptocurrency can invite problems such as destabilizing fiscal policy, expedite money laundering, and threaten user’s privacy. With that being said, Libra’s prominent backers Paypal, Mastercard, and Visa Inc, are amongst the nay-sayers. They ditched the project keeping the scrutiny in mind.
The original plan was to be backed by a comprehensive miscellany of currencies and government debt. In April, the governing body reported that they are revamping in hopes of gaining regulatory approval. The launch date of Libra has been postponed to mid of November 2020.