Facebook Hires British Bank Lobbyist to Push Its Crypto

Ahead 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.

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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.

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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 constantly strengthening its team of blockchain 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 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.

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