Facebook’s Libra company – the cryptocurrency that will allegedly serve as a global currency everyone can use in the coming future – has appointed James Emmett, the former HSBC European head, to an executive position within its infrastructure.
Libra Chooses James Emmett of HSBC Fame
According to reports, Emmett will develop and operate the payment system associated with Libra, which goes by the name of the Calibra wallet. Emmett’s appointment marks the latest in a string of several high-profile hires for the company, which have occurred over the past five or six months. The company applied for a Swiss payments license in April, which has given it an opportunity to bring on several financial experts outside the U.S. to join its growing list of executives.
Over a year ago, this news might have been a little exciting, but now, the big question that probably comes to mind for a lot of people is, “Who cares anymore?”
Seriously, Libra is one of those companies that has been marred time and time again by delays and problems. Between Facebook founder Mark Zuckerberg being grilled by Congress on television to the company’s constant hindering by global watchdogs who are concerned about the company’s methods of collecting and utilizing private information, who even remembered that Libra was still in the works?
This was a project that was announced in June of 2019. That means that nearly a year and a half later, the firm has only taken a few additional steps forward. While it’s probably fair to assume that the company has incurred further delays thanks to the spread of the coronavirus, there have been just too many pushbacks for what was allegedly supposed to be one of the biggest – if not the biggest – cryptocurrency project ever brought to the front lines.
One of the biggest concerns regarding Libra is that it is a financial company stemming from the same minds that brought the world Facebook. These people have already been in severe trouble regarding what they did with people’s private data. It was sold to third parties for advertising purposes in what has been dubbed the Cambridge Analytica scandal, an event that will likely leave a permanent stain on the reputation of the world’s largest social media platform.
Too Many Delays and Halts
Following the announcement of the scandal and Zuckerberg’s live television hearing, the company was slapped with a $5 billion penalty, and trust in the company fell by more than 60 percent.
Now, Facebook apparently thinks it can make up for this dark point in its history by introducing us to a currency system that anyone in the world, regardless of who they are or where they live or what they do, can utilize to purchase goods and services. Unfortunately, to run a financial operation of this size and scope, monetary data will likely be collected from users.