The Libra Association, an independent membership organization focused on developing Facebook's digital asset ecosystem, has announced the appointment of Saumya Bhavsar, a former senior attorney at the US Department of Treasury’s Office of the Comptroller of the Currency (OCC), as General Counsel of Libra Networks.
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At Libra Networks, a subsidiary of the Libra Association, Bhavsar will regulate the operations of the Libra payment system. Prior to the Association, she held roles at several major US and EU financial institutions and watchdogs. She also served as a Managing Director, Global Head of Regulatory Affairs and Group Head of the Data Protection Office at Credit Suisse.
James Emmett, Managing Director of Libra Networks, says Bhavsar's expertise "will be crucial in launching and managing a compliant payment system."
Meanwhile, G7 financial regulators announced their disagreement with the launch of Facebook’s Libra until the project is properly regulated.
While digital payments could improve access to financial services and cut costs, such services should be "appropriately supervised and regulated" in order not to damage financial stability, a G7's statement says.
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