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Facebook-backed Libra has issued another “major” announcement. It is bringing former HSBC executive Ian Jenkins on board to serve as the new chief financial officer of a division in the company designed to manage the Libra payment system.
Libra Brings Ian Jenkins Aboard
Jenkins initially served as a former business finance head and general group manager for HSBC. He also has experience working with other major financial institutions such as Santander and Credit Suisse.
The big question following these statements is likely, “Does anyone even care anymore?” Seriously, Libra has allegedly been making headway for the past year, yet nothing has really come to pass. The asset has struggled to make a name for itself and has done nothing but experience delays and other issues that have gotten in the way of its timely development.
Libra was initially introduced to users in June of 2019. Since then, the currency hasn’t moved that far. It was supposed to be ready and available today, and many executives that were working on the project felt that 2020 would be the year in which the currency would become widely useable to traders and social media hounds everywhere.
Sadly, it doesn’t look like this has come about. Libra is still struggling to establish itself in the crypto space as a currency that holds any sort of solid position. Many still do not trust it and are refusing to use it. Ever since Cambridge Analytica in 2018, trust in Facebook has never quite been the same, and several people throughout the world are concerned that Facebook will improperly use customers’ financial information or fail to keep it safe.
Cambridge Analytica saw Facebook utilizing people’s private data and selling it to third parties for advertising purposes. The company was given a slap on the wrist and a $5 billion fine, though while the fiasco may be technically over, many do not see anything backed by Facebook in a positive light following the event.
This has hurt Libra in the long run, and it’s unclear if the project still has a solid future in the crypto arena. Nevertheless, executives seem hellbent on ensuring everyone has access to it quickly – likely because a project like this has no doubt cost them tons of money over the last several months, and they probably want to have something to show for it soon.
Not Enough Action Taken
People in charge of Libra all agreed not long ago that Libra would not be issued until it was fully and properly regulated. Considering how long it takes for members of Congress to act, one can expect several more delays before anything happens with it, even though the project has taken on new form as a means of appeasing legislators in America and elsewhere.
For example, instead of being a single stable currency, Libra will now be several stable currencies offered through Facebook, though this appears to have had little to no effect on global regulators.