Libra appoints general counsel

The Libra Association, which manages Facebook’s digital currency project, has appointed Saumya Bhavsar as general counsel of Libra Networks.

Libra Networks, a wholly owned subsidiary of the Libra Association, which was established to oversee the rollout of Facebook’s Libra stablecoin digital currency and payments system and the Novi digital wallet system. Libra Networks will manage the operations of the association’s licenced payment system.

Bhavsar’s most recent role was managing director, global head of regulatory affairs and group head of data protection office at Credit Suisse. She has also held the roles of managing director at UBS and assistant general counsel at Euroclear Bank.

“I am thrilled to be joining the Libra Association as it progresses toward enabling a more inclusive global financial system,” said Saumya Bhavsar, general counsel of Libra Networks. “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.”

Announced in June 2019, the Libra Association’s is mapping out a system to enable a blockchain-based global payments system and financial infrastructure.

There move has sparked backlash amongst regulators and governments around the world; last month leaders of the G7 opposed the launch of Libra’s stablecoin cryptocurrency until it is properly regulated.

G7 members said that digital payment services must be appropriately supervised and regulated so that they would not undermine financial stability, consumer protection, privacy, taxation or cyber security.

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