{"id":4821,"date":"2019-11-11T14:37:31","date_gmt":"2019-11-11T13:37:31","guid":{"rendered":"https:\/\/www.newmoneyreview.com\/?p=4821"},"modified":"2019-11-19T15:38:16","modified_gmt":"2019-11-19T14:38:16","slug":"bis-boosts-digital-currency-response","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2019\/11\/11\/bis-boosts-digital-currency-response\/","title":{"rendered":"BIS boosts digital currency response"},"content":{"rendered":"

The Bank for International Settlements (BIS) is boosting its response to innovative financial technology such as cryptocurrency by appointing European Central Bank board member Beno\u00eet C\u0153ur\u00e9 as the head of its new innovation hub.<\/p>\n

The BIS, which is based in Basel, Switzerland, hosts several important committees responsible for the oversight and stability of the world\u2019s financial system, including the Committee on Payments and Market Infrastructures (CPMI), which C\u0153ur\u00e9 has chaired since 2013.<\/p>\n

a worldwide reduction in the use of cash<\/p><\/blockquote>\n

C\u0153ur\u00e9, who starts his new job in January 2020, has also led the G7 working group on global stablecoins<\/a> and co-chairs a related Financial Stability Board (FSB) working group.<\/p>\n

The BIS, which acts as a coordinating body for central banks, has been monitoring closely the trends in the global payments system<\/a>. These include a worldwide reduction in the use of cash and an acceleration in the uptake of digital currencies and the associated digital and mobile wallet technology.<\/p>\n

In some Asian countries, digital currencies are tightly linked to powerful social media firms<\/a>. Earlier this year, US tech giant Facebook announced plans for its own payments coin called Libra<\/a>.<\/p>\n

\u201cI am delighted to have Beno\u00eet on board to advance the important mission of the hub, which is to harness innovation to improve the functioning of the international financial system,\u201d said BIS general manager Agust\u00edn Carstens.<\/p>\n

\u201cInnovation is driving change in many fields and can bring great benefits for anyone who makes and receives payments. The hub reflects central banks\u2019 commitment to share resources and lay the foundations for the future,\u201d Carsens said.<\/p>\n

Mr C\u0153ur\u00e9 said: \u201cI am very happy to be joining the BIS. I look forward to bringing my expertise 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.\u201d<\/p>\n

The BIS innovation hub will operate in three locations: Switzerland, Hong Kong and Singapore. The Swiss centre is already researching<\/a> the topics of asset tokenisation and fast-paced markets, both areas of finance where technology plays a crucial role.<\/p>\n

\u201cthe evil spawn of the financial crisis\u201d<\/p><\/blockquote>\n

C\u0153ur\u00e9 has spoken out in the past against non-government-sponsored attempts to reform money.<\/p>\n

A year ago he called bitcoin \u201cthe evil spawn of the financial crisis\u201d<\/a>, labelling the decentralised digital currency an \u201cextremely clever idea\u201d but not a good one.<\/p>\n

At the same time, C\u0153ur\u00e9 spoke out for greater government and central bank research into digital currency and for greater coordination of their efforts.<\/p>\n

\u201cThe CPMI started studying cryptos and the underlying distributed ledger technology (DLT), including blockchain, early on. Back in 2015, we released a report on cryptocurrencies \u2013 today, for well-known reasons, we like to speak of them as assets \u2013 and last year we published an analytical framework for looking at DLT,\u201d C\u0153ur\u00e9 said in November 2018.<\/p>\n

\u201cThat said, there is still much that we do not understand, and things are moving rapidly,\u201d he added.<\/p>\n

Don\u2019t miss any more New Money Review content:\u00a0sign up here<\/strong><\/a>\u00a0for our newsletter<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The Bank for International Settlements (BIS) is boosting its response to innovative financial technology such as cryptocurrency by appointing European Central Bank board member Beno\u00eet C\u0153ur\u00e9 as the head of […]<\/p>\n","protected":false},"author":4,"featured_media":4484,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1053,1014],"tags":[1159,1352,1592,1034,1587,1204],"class_list":{"0":"post-4821","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-featured-1","8":"category-payment","9":"tag-agustin-carstens","10":"tag-bank-for-international-settlements","11":"tag-benoit-coeure","12":"tag-bitcoin","13":"tag-cpmi","14":"tag-dlt"},"yoast_head":"\nBIS boosts digital currency response - 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