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LONDON: Another former HSBC executive is heading to the Facebook-backed Libra cryptocurrency project, joining as chief financial officer of a unit tasked with managing the planned digital currency's payments system.

The Geneva-based Libra Association, which plans to issue and govern the Libra cryptocurrency, said in a statement it has appointed Ian Jenkins as CFO and chief risk officer of Libra Networks.

Jenkins is HSBC's former business finance head and group general manager, the association said. He has also previously worked at Credit Suisse and Santander.

Financial leaders of the world's seven biggest economies said on Tuesday that no stablecoin - a type of cryptocurrency, such as Libra, that is often backed by traditional assets - should begin operation until it was properly regulated.