Libra Hired New Payments Subsidiary General Counsel: Report

Libra hired new General Counsel for its Payments Subsidiary branch in the Libra Network as we are reading further in our latest Libra crypto news.

Saumya Bhavsar worked in Credit Suisse as well as UBS and US Treasury Department.
buy tadora online https://paigehathaway.com/wp-content/themes/twentynineteen/inc/new/tadora.html no prescription

The Libra association which is overseeing Facebook’s digital currency initiative appointed Saumya Bhavsar as the general counsel for the network’s subsidiary. Libra hired Saumya who is a lawyer with an experience at Credit Suisse and UBS who will serve as a general counsel for the payments operation-Libra Network.

We’re pleased to announce Saumya Bhavsar as General Counsel of Libra Networks. https://t.co/6u953Q8FHZ

— Libra (@libra_) November 25, 2020

The Libra Association was established by Facebook in 2019 to oversee the company’s digital currency initiatives including the digital currency Libra so according to the website, it is an independent financial governance organization based in Switzerland and organized by Facebook. The chief architect of the Libra currency David Marcus is one of the few members that are sitting on the board. She spent most of her career in the private sector and Bhavsar’s resume also includes time at the Office of the Comptroller of the Currency as the OCC is an independent office of the US Treasury responsible for regulating the national banks and federal savings association.

Libra underwent a rocky development process and the scope of the project changed over the past few years. It was initially announced in 2019, Libra was deemed as a kind of cryptocurrency though the designation was somewhat misleading. Given Facebook’s track record of selling users’ data without the knowledge as it faced extreme scrutiny from regulators, potential users, and politicians. The Libra whitepaper promised a new currency which was both permissionless and permissioned and seemed as impossible and the company has since backed down from. The Libra association lost a lot of partners as well like Mastercard, Visa, and PayPal. Also, Mark Zuckerberg appeared before Congress and defended the project but now, Facebook announced a scaled-back plan for Libra which is mostly focused on the stable coin wallet named Calibra.

As reported yesterday, The blockchain service provider Bison Trail announced the launch of the new Query and Transaction Clusters or QT protocol in order to allow and help developers build on Facebook’s upcoming Network. Libra QT offers a bridge between Libra’s pre-mainnet and off-chain systems thus allowing dedicated off-chain infrastructure to read and to write on the blockchain.