The Libra Association, in charge of Facebook’s currency project, now has a CEO.
The role has gone to Stuart Levey, Chief Legal Officer at HSBC.
Levey will join later in the summer.
He’s been at HSBC since 2012 and previously worked for the US government.
What does this mean?
Levey’s role will be to oversee Libra’s goal to “combine technology innovation with a robust compliance and regulatory framework.” He’s said the association “charts a bold path forward to harness the power of technology to transform the global payments landscape”.
Libra’s technology aims to make it easier for individuals and businesses to send and receive money, empowering those who have been “left on the sidelines”, but Levey’s appointment brings emphasis to a robust legal framework too.