Former ECB Board member to head BIS FINTECH and crypto assets division

Former member of the Board of Directors of the European Central Bank Benoît Cœuré will head the new Department of the Bank for international settlements (BIS), working with digital currencies and financial technologies.

BIS confirmed that Benoit coeure will take up the position of Chairman of the Innovation Hub Centre from January 15, 2020. The center will operate in Switzerland, Hong Kong and Singapore. In addition, Kere has already become the head of the working group on the study of stablecoins.

According to the BIS, The innovation center was created to study in detail important trends in digital technologies that affect the activities of Central banks, as well as to improve the performance of the international financial system. The center will coordinate the Central banks of various countries on the implementation of the latest technologies in the field of banking services and Finance.

Earlier, the Bank for international settlements and its Chairman Agustín Carstens were critical of cryptocurrencies, in particular, bitcoin. However, given how rapidly the financial environment is changing, their opinion is beginning to change gradually.

“The time has come for dramatic technological changes, and I can’t wait to share my experience with the world’s Central banks. We need to maximize the full potential of the latest technologies to ensure financial stability and broad access to financial services,” Benoit coeure commented.

Recall that in October, BIS signed an agreement with the national Bank of Switzerland to study state cryptocurrencies. In addition, in its October report, the BIS argued that stablecoins pose a serious threat to monetary policy.