Facebook’s digital currency project Libra has hired Saumya Bhavsar, the former global head of regulatory affairs and data protection at Credit Suisse as the new general counsel for Libra Networks, a fully owned subsidiary of Libra Association. Libra network would be responsible for the rollout of the libra digital stable coin and the Novi digital wallet. The subsidiary would also be managing the operations of the payment system after rollout.
This is the second executive hiring within three months by the Libra Association, earlier in August the organization has hired former general counsel at the Homeland Security as their chief legal officer.
Libra is being seen as Facebook’s most ambitious outing in the wildly growing fintech industry. However, the projects has been marred into controversy ever since its announcement last year. The project was due for a launch early this year however due to heavy regulatory scrunity many key associate members including PayPal withdrew support from the project and Facebook had to call off the launch until further notice.
Libra has made some critical changes since calling off the launch that includes key changes to its white paper, hiring of new executives to help them shape their payment network better.
The newly appointed general counsel for the Libra Networks expressed her gratitude for the selection and talked about taking Libra payment networks to new highs. She said.
Trending Stories
“I am thrilled to be joining the Libra Association as it progresses toward enabling a more inclusive global financial system. Along with many in the banking industry, I have been watching the Libra project from afar and believe the Libra payment system is poised to transform the industry and enable unprecedented financial innovation and inclusion at a time when we need it most.”
Bhavsar will be replacing Robert Werner who was the first general counsel of Libra Association and before taking charge at Libra, he had headed the U.S. Treasury Department’s Office of Foreign Asset Control and Financial Crimes Enforcement Network.
- Just-In: El Salvador To Discuss Bitcoin Adoption With 44 Countries
- Ethereum Founder Says A Terra Bailout Should Target These Holders
- FTX Chief Sam Bankman-Fried thinks Bitcoin Has No Future As A Payments System
- Polygon Team Working With Terra Projects to Help Them Swiftly Migrate to Polygon Network
- Where Is Terra’s (LUNA) Enormous Bitcoin Reserve?
- Binance CEO CZ Clears Air On Their Investment In Terra LUNA
- LUNA Price Jumps 1500%, Time To Buy Or Another Trap?
- Terra Founder Proposes Revival Plan But LUNA 2.0 Shall Be An Uphill Task, Here’s Why
- Just-In: Circle Mints 8.4 Billion USDC Within 7 Days, Why?
- Buy The Dip? Whales Add $1.2 Bln Bitcoin As Price Falls Below $30K
- ETH Price Analysis: Consolidation Range Soon To Launch ETH Above $2250
- Bitcoin Price Analysis: Triangle Breakout Sets BTC Rally To $32000 Mark
- LUNA Price Analysis: Opportunity to Buy Cheap or A Bull Trap?
- Decentraland Price Analysis: MANA Price Prepares For 60% Gains; Are You Buying?
- SOL Price Analysis: Is $60.0 Around The Corner On The 4-hour Chart?
- DOGE Price Analysis: Wedge Pattern Retest Phase Warns $0.08 Fallout
- Ripple Price Analysis: XRP Price Remains Pressured below $0.50; Is Selling A Good Choice?
- TRX Price Analysis: Fallout of $0.075 Support Hints 18% Drop in TRX
- Ethereum Price Forecast: Is The Dip Over Or There Is More Pain Ahead?
- MANA Price May Tumble By 42%; Here’s Why