Facebook Hires British Bank Lobbyist to Push Its Crypto

Ahead of the launch of its digital currency, Facebook has hired Ed Bowles, a senior British bank lobbyist, as its director of public policy, according to a Financial Times report.

Bowles is currently holding the position of managing director of group public and regulatory affairs at Standard Chartered bank and will join the social media company in September, the June 14 report specified.

Facebook is expected to unveil its cryptocurrency projects to the public on June 18 with the launch of the whitepaper and Bowles is expected to help the company to implement its cryptocurrency strategy in the region.

Bowles joined the British multinational bank in 2007 and has spent the last 12 years of his career in the same firm at various leadership roles, all of which are associated with public policies and regulatory affairs.

He is also a member of the board of trustees at Asia House, a think tank for trade, investment and public policies between Asia and Europe.

Clearing hurdles in all markets

The recent hire is the second high profile hire of the California-based firm in around a year, as last October it onboarded the United Kingdom’s former deputy prime minister Nick Clegg to head its global public policy operations.

In May, the social media giant also hired two compliance experts from Coinbase. Moreover, the company is continuously strengthening its team of Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term developers, which now has around 100 employees.

Though Facebook did not announce any of its blockchain projects publically, media reports and the company’s moves reveal its ambitions to become a major player in the Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term industry.

The company even received funds from Visa, Mastercard, Paypal, and Uber to continue its development in blockchain-based payments, Finance Magnates reported earlier today.

In April, Mark Zuckerberg, Facebook’s founder and CEO, also reportedly met Mark Carney, governor of the Bank of England, to discuss the future of finance including the company’s plans to launch to introduce a digital currency. The company is also in talks with the US Commodity Futures Trading Commission (CFTC) to clarify the regulatory needs of its upcoming stablecoin.