A old European Central Bank board member volition chair a new arm of the Bank of International Settlements (BIS) focusing on digital currencies and fiscal innovation.

In a press release on Nov. 11, the BIS confirmed Benoît Cœuré would begin chairing the Innovation Hub from Jan 15, 2020.

BIS eyes impact of "disquisitional trends"

"The Hub's mandate is to identify, and develop in-depth insights into critical trends in technology affecting central banking; develop public appurtenances in the engineering space geared towards improving the functioning of the global financial organization; and serve as a focal point for a network of cardinal bank experts on innovation," the release explains.

Cœuré has already presided over a dedicated working grouping studying stablecoins.

Both the BIS and its chairman Agustín Carstens, although publicly critical of cryptocurrencies such as Bitcoin (BTC), confront a rapidly evolving fiscal environment. Prc's central bank, the People's Bank of Red china (PBoC) — one of its members — could soon go the globe'south first major economy to consequence its own digital currency.

Cœuré commented:

"I look forwards to bringing my expertise to the global central banking customs at this fourth dimension of rapid technological change. We must make the best use of innovation to support financial stability and promote financial inclusion."

No mention of "evil spawn" Bitcoin

The Hub will operate in Hong Kong and Singapore, in add-on to the BIS' home of Switzerland.

As Cointelegraph reported, the BIS agreed to partner with the Swiss National Bank (SNB) at the Hub in early on October.

"The SNB has for some time been closely following the digitalization of the financial sector and technological innovations in the areas covered past its mandate," Thomas J. Hashemite kingdom of jordan, Chairman of the Governing Board of the SNB, said at the time.

Concluding twelvemonth, Cœuré himself described Bitcoin as the "evil spawn of the financial crisis."