Former Board Member of the European Central Bank will chair a new branch of the Bank for International Settlements (BIS) with a focus on digital currencies and financial innovation.
In a press release on November 11, BIS confirmed that Benoît Cœuré will begin chairing the Hub for Innovation from January 15, 2020.
BIS eyes influence "critical trends"
"Hub's mandate is to identify and to develop an in-depth look at critical trends in technology affecting central banking; development of public goods in the technological space aimed at improving the functioning of the global financial system; and serve as a focal point for a network of central bank innovation experts, ”the publication explains.
Cœuré already chairs a special working group on the study of stable coins.
Both BIS and its chairman, Agustin Carstens, although critical of cryptocurrencies such as Bitcoin (BTC), face a rapidly evolving financial environment. The Central Bank of China, the People's Bank of China (PBoC) ̵
"I look forward to bringing my experience to the global central banking community at this time of rapid technological change. We must make the best use of innovation to support financial stability and promote financial inclusion. "
There is no mention of" bad caviar "Bitcoin
The Hub will operate in Hong Kong and Singapore in addition to the BIS home of Switzerland.
As reported by Cointelegraph, in early October the BIS agreed to partner with the Swiss National Bank (SNB).
"SNB has been closely monitoring the digitalisation of the financial sector and technological innovation in the areas covered by its mandate for some time," Thomas J. said at the time. Jordan, Chairman of the Board of Directors of SNB.
Last year, Cœuré himself described Bitcoin as an "evil hysteria about the financial crisis."