Home / Business / Banker, who referred to Bitcoin as "Evil Spawn," manages the BIS Digital Currency Hub

Banker, who referred to Bitcoin as "Evil Spawn," manages the BIS Digital Currency Hub

A former board member of the European Central Bank will chair a new section of the Bank for International Settlements (BIS) focused on digital currencies and financial innovation.

In a press release on 11 November, the BIS confirmed that Benoît Cœuré will take over the chairmanship of the Innovation Hub from 15 January 2020.

The BIS observes the effects of "critical trends".

"The Hub's mandate is to identify and develop in-depth insights into critical technology trends that impact central banking; Development of public goods in the technology 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, "explains the press release.

Cœuré has already run his own working group on stable coins.

Both the BIS and its chairman, Agustín Carstens, although publicly critical of cryptocurrencies such as Bitcoin (BTC), face a rapidly developing financial environment. China's central bank, the People's Bank of China (PBoC) ̵

1; one of its members – could soon become the world's first major economy issuing its own digital currency.

Cœuré commented:

"I look forward to bringing my expertise to the global central bank community at a time of rapid technological change. We must make the best possible use of innovation to support financial stability and foster financial inclusion.

No mention of "Evil Spawn" -Bitcoin

The Hub will operate alongside the home of the BIS in Hong Kong and Singapore Switzerland.

As Cointelegraph reported, the BIS agreed a partnership with the Swiss National Bank (SNB) at the Hub at the beginning of October.

"The National Bank has been following closely the digitization of the financial sector and technological innovation in the areas covered by its mandate," said Thomas J. Jordan, Chairman of the Governing Council of the National Bank.

Last year Cœuré described Bitcoin itself as a "bad spawn of the financial crisis".

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