By
Chimamanda U. Martha
April 12th, 2024
Stuart Levey will step down as Chief Legal Officer for HSBC Holdings this summer. Then, he will join the Libra Association as its CEO.
Facebook‘s Libra Association appoints a new CEO. It is Stuart Levey, the current Chief Legal Officer of HSBC, who will be in charge of the effort to build the global digital currency Libra.
Stuart Levey said:
“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. 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.”
Levey is now working at HSBC, the world’s largest banking organization, as Chief Legal Officer. There, he manages a legal department with over 900 lawyers in 50 countries. Besides, he is responsible for all legal advice for the Chief Executive, other senior management, and the Board. Prior to HSBC, Levey served in the U.S. Department of the Treasury as the first Under Secretary for Terrorism and Financial Intelligence under Presidents Bush and Obama.
According to Libra Association, Stuart Levey will share his unique leadership experience from both the government and the private sector.
Katie Haun, General Partner at Andreessen Horowitz and Libra Association board member who led the CEO search committee, stated:
“Stuart shares our vision for using blockchain technology to deliver a more open, inclusive and high-functioning payment system that puts crypto in the hands of billions around the world.”
As Libra Association’s letter reads, Levey will step down as Chief Legal Officer for HSBC Holdings this summer. Then, he will join the Libra Association.
Chinese Rival of Libra
While Libra Association appoints a new CEO to foster further Libra development, China tests its own central-bank digital currency. The People’s Bank of China has already initiated a pilot program to test the currency in four cities: Shenzhen, Suzhou, Chengdu, and Xiong’an. For the program, China has even invited 19 retailers, including McDonald’s, Starbucks, Subway.
Pegged to the yuan, China’s currency will make financial transactions faster and easier. It will also protect the Chinese economy at a time when newer payment systems could permit illegal money flows. The date of launch is still unclear, but as the Chinese government said, the massive rollout will be very gradual.