Standard Chartered Senior Bank Lobbyist Added to Facebook’s GlobalCoin Project
- he Financial Times reported that Facebook has selected Edward Bowles to join the team.
- No confirmation has been provided by Facebook, Bowles, or the former employers of Bowles.
The stablecoin from Facebook, GlobalCoin, has been shrouded in secrecy from the beginning, but more information is starting to be released about the project. For instance, as the company progresses in their efforts, publications like The Block and Financial Times are reporting that Facebook has chosen a senior bank lobbyist that will be joining the team in September.
Edward Bowles, the new hire, formerly worked with Standard Chartered as the managing director for group public and regulatory affairs.
The Financial Times does not show exactly how they gained access to this information, and even added that there were no comments being published from Facebook, the bank, or even Bowles. In fact, when visiting the LinkedIn page for Bowles, his work history shows that he is still working with Standard Chartered at the moment, even though Facebook is an interest that is also listed.
The report from Financial Times says that hiring Bowles is an effort to establish protection and preparedness for the regulatory and political landscape of cryptocurrency with GlobalCoin.
The whitepaper for GlobalCoin is due to be published in just a few days on June 18th, according to executives. Much of the concern from the public appears to be due to whether Facebook intends to comply with the same AML/KYC protocols that financial institutions follow.
According to The Block, the director-general for financial stability with the European Commission – Olivier Guersent – there is nothing yet to know about the regulators of the EU and Facebook. He told the Financial Times:
“Facebook has a right like anyone else to launch itself on the market. But the issue is really the connection with the rest of their activities and the collection of data. That’s the angle through which we could tackle it.”
Allegedly, Facebook has already spoken with the US Commodity and Futures Trading Commission about the regulatory concerns of the GlobalCoin.
The BBC stated that the firm has sought out advice from Mark Carney, the governor of the Bank of England, hoping to gain more perspective on the regulatory issues they may face during Project Libra.
The Financial Times added that Nick Clegg, the former UK deputy prime minister, was hired by Facebook in January, heading up the team dealing with global affairs and communications. There have been other reports about the executives that have been added to Facebook’s project, which includes two former compliance managers for Coinbase.