Pablo Hernández De Cos Appointed As BIS General Manager

According to CoinDesk, Pablo Hernández de Cos, the former governor of the Bank of Spain, is set to become the general manager of the Bank for International Settlements (BIS) starting July 1. He will succeed Agustín Carstens in this role, overseeing the operations of the BIS, often referred to as the "central banks of central banks," for a five-year term. The BIS, based in Basel and owned by 63 central banks, has been actively involved in the cryptocurrency sector, collaborating with various central banks on digital currency projects aimed at enhancing cross-border payments, privacy, and anonymity. The organization has also been a proponent of a unified ledger for central bank digital currencies (CBDCs), which are digital assets issued by central banks. Hernández de Cos has been a vocal advocate for the European Central Bank's efforts to develop a digital euro, emphasizing its potential to drive payment innovation. His involvement in the global financial landscape includes his role as chair of the Basel Committee on Banking Supervision, where he played a key part in finalizing global crypto-banking rules in 2022. The BIS's Board of Directors, responsible for overseeing management and strategic direction, has also made other significant appointments. François Villeroy de Galhau, the Governor of the Bank of France, has been reelected as the chair of the BIS Board of Directors. Additionally, Tiff Macklem, the Governor of the Bank of Canada, will assume the position of chair of the BIS Consultative Council for the Americas (CCA) starting in January. These appointments reflect the BIS's ongoing commitment to addressing the evolving challenges and opportunities within the global financial system.