Project Libra sees inclusion of UK Standard Chartered Lobbyist; Facebook eyeing regulation?

Project Libra sees inclusion of UK Standard Chartered Lobbyist; Facebook eyeing regulation?

June 15, 2019

From PayPal to Coinbase and now Standard Chartered, the Facebook cryptocurrency project aims to have a host of heads working towards Project Libra. With an aim to revolutionize the global payments industry, on the back of the cryptocurrency sector, regulation is firmly in sight.

According to the Financial Times, Edward Bowles will join the Menlo Park giant in September this year, departing his previous role of Director for group public and regulatory affairs at the bank and, presumably, donning a similar regulatory role with the social media company for Project Libra.

FT has not provided any sources confirming Bowles switch from Standard Chartered to Facebook and his LinkedIn profile maintains the position of Managing Director at the bank.

Bowles addition to the Facebook team is a clear indication of the company’s growing interest to launch the GlobalCoin in the European market, given the lobbyist’s experience in the same.  Facebook has reportedly held talks with the US Commodity and Futures Trading Commission [CFTC] for their launch in the United States.

According to the BBC, the Zuckerberg-led company has also consulted Mark Carney, the governor of the Bank of England [BoE] over regulatory issues for Project Libra. The report further added that the GlobalCoin will hit the markets in the first quarter of 2020.

Bowles’ joining the Facebook cryptocurrency project is the latest in a long list of finance and technology big-names associated with Project Libra. Most notably, PayPal’s former President David Marcus joined Facebook as VP of Messaging Products to drive the project; Tomer Barel another PayPal executive joined as VP of Blockchain Risk and Operations; and now with the addition of the ex-banking lobbyist, Libra’s regulatory front looks solidified.

In addition to the manpower additions, the social media giant’s partnerships also look to be on the rise. Facebook will announce their official list of Project Libra backers on Tuesday but several reports have emerged pointing to a host of high-profile finance, technology and e-commerce companies putting their faith and funds behind the GlobalCoin initiative.

Among the “Libra Consortium,” are payment giants Visa, MasterCard, and PayPal, ride sharing pioneers, Uber, and Lyft, VC big-names, Andreessen Horowitz, Ribbit Capital, and Thrive Capital, the e-commerce mainstay e-Bay, cryptocurrency exchange Coinbase several among other companies.

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