Another former executive of HSBC is heading to the Facebook-supported Libra cryptocurrency project to join the post of chief financial officer of the department, which is responsible for managing the planned digital currency payment system.

The Geneva Libra Association, which plans to issue and manage Libra cryptocurrency, said in a statement that it has appointed Ian Jenkins as the CFO and chief risk officer of Libra Networks.

According to the association, Jenkins is the former head of commercial financing and group general manager of HSBC. He also worked at Credit Suisse and Santander Bank.

The financial leaders of the seven largest economies in the world said on Tuesday that stablecoins (a cryptocurrency that is usually backed by traditional assets, such as Libra) should not start operating until they are properly regulated.

The Libra project launched by Facebook last year was restarted in a streamlined form in April, after regulators and central banks around the world expressed concern that it might undermine financial stability and weaken mainstream currency control.

Libra is now seeking to issue a series of stablecoins backed by a single traditional currency. Since applying for a Swiss payment permit in April, the company has hired many senior executives, many of whom specialize in financial compliance work and maintain contact with the US government and authorities.

In September, the project appointed James Emmett, the former head of HSBC Europe, to lead Libra Networks. It also hired Stuart Levey, the former chief legal officer of HSBC, to lead the association.

© Thomson Reuters 2020

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