Facebook Inc led effort to build a global digital currency named as Libra is managed by Libra Association. The association, on Wednesday, announced Stuart Levey as the first ever Cheif executive officer of Libra. He is currently working as Cheif legal officer of Hongkong and Shanghai banking corporation or HSBC.
Facebook’s prospect of its as much as 2.5 billion users trading in Libra has attracted critical scrutiny from regulators all over the world. The major concern being the erosion of national control over money. Due to these high levels of criticism, Mastercard Inc, Visa Inc and PayPal Holdings Inc, which were Libra’s most acclaimed original backers, withdraw their support.
The governers of Libra,in April, made an announcement that it will be linked to individual national currencies and overseen by watchdogs all over the world,in a scaled back revamp it hopes will achieve regulatory approval.
However,the bona fide plan was unveiled by the company last June. It was to backed by a compendious contribution of legal tenders and government debt. But the central banks and experts were afraid that the cryptocurrency would be capable of destabilizing monetary policy. They also feared that it could expedite frauds like money laundering and also do away with user’s personal information.
Amid the concerns, the cryptocurrency’s tentative launch date is postponed to mid November from end of June.