Libra Hires New General Counsel for Payments Subsidiary

In letter

  • The Libra Association, which oversees Facebook’s digital currency initiative, has named Saumya Bhavsar as General Counsel of the Libra Network, a subsidiary of the association.
  • Bhasvsar joins the scales from the Legal Department at Credit Suisse.
  • She has also worked in the Treasury Department’s office of the currency auditor.

The Libra Association announced today that Saumya Bhavsar, a lawyer with experience at Credit Suisse and UBS, will serve as general counsel for the Libra Networks payments business.

The Libra Association was founded by Facebook in 2019 to oversee the company’s digital currency initiatives, including (but not limited to) digital currency Libra (LBR). According to the association’s website, it is an independent financial governance organization based in Switzerland, organized by Facebook. David Marcus, the chief architect of the Libra currency, is one of five seated board members.

Although she has spent most of her career in the private sector, Bhavsar’s résumé also includes time in the currency auditor’s office; The OCC is an independent office of the US Treasury Department responsible for regulating national banks and federal savings banks.

The Libra has had a somewhat rocky development process and the scope of the project has changed significantly in recent years. First announced In 2019, Libra was marketed as a type of cryptocurrency, although the term was somewhat misleading. Given Facebook’s track record of selling user data without their knowledge, it has come under extreme scrutiny by regulators, politicians, and potential users.

The Libra whitepaper promised a currency that was both without permission and with permission – something that is definitely impossible and that the company has since stepped back from. The Libra Association also did lost many of his original partners, including PayPal, Visa, and Mastercard. And last fall, Mark Zuckerberg appeared before Congress too defend the project.

In April this year, Facebook announced a reduced plan for Libra, focused more on a sturdy wallet called the Calibra (The name has since been changed too new).

The Libra Association has not announced any release dates for Libra or Novi.