Facebook Hires Senior Bank Lobbyist from Standard Chartered

Facebook continues to boost its team for its forthcoming cryptocurrency, purportedly called “GlobalCoin.” According to the Financial Times, its recent hire is a senior bank lobbyist from Standard Chartered.

In a report published on June 14, the Financial Times stated that Edward Bowles, the managing director for group public and regulatory affairs of Standard Chartered, will join the social media company in September.

The FT did not disclose how it got the information and it said that Facebook, the bank, and Bowles also would not comment on the news. Bowles’ LinkedIn page says that he still works for Standard Chartered, while Facebook is simply mentioned as an interest.

The hire marks the preparation of Facebook for regulatory and political scrutiny in the EU ahead of the GlobalCoin launch, the report suggests. According to an executive, a white paper is slated to be published on June 18.

Having already talked with the U.S. Commodity and Futures Trading Commission, Facebook is already making an effort to deal with regulators for its crypto initiative. According to BBC report, the company has also sought the advice of Mark Carney, governor of Bank of England, about opportunities and regulatory issues for the project, which is purportedly called “Project Libra.”

In addition, the FT also indicates that Facebook tapped Nick Clegg, previous U.K. deputy prime minister, to lead its global affairs and communications team. Recent reports also have mentioned other executives joining the project, including two of Coinbase’s previous compliance managers.