A former European Central Bank board member will chair a new arm of the Bank of International Settlements (BIS) focusing on digital currencies and financial innovation.
In a press release on Nov. 11, the BIS confirmed Benoît Cœuré would begin chairing the Innovation Hub from January 15, 2020.
BIS eyes impact of “critical trends”
“The Hub's mandate is to identify, and develop in-depth insights into critical trends in technology affecting central banking; develop public goods in the technology space geared towards improving the functioning of the global financial system; and serve as a focal point for a network of central bank experts on innovation,” the release explains.
Cœuré has already presided over a dedicated working group studying stablecoins.
Both the BIS and its chairman Agustín Carstens, although publicly critical of cryptocurrencies such as Bitcoin (BTC), face a rapidly evolving financial environment. China’s central bank, the People’s Bank of China (PBoC) — one of its members — could soon become the world’s first major economy to issue its own digital currency. Read More...