Bank for International Settlements (BIS) Opens FinTech Hub to Help Central Banks Explore Crypto

BIS’ new hub has been devised to help educate people about crypto related technologies and how they can be used to make the global financial ecosystem much more efficient and transparent.

As per an all-new article published on Bloomberg earlier today, the Bank for International Settlements (BIS) has set up a ‘fintech hub’ that will help officials from various central banking institutions embrace emerging technologies such as crypto and blockchain in a seamless, hassle-free manner.

For those of our readers who may not be aware of what the BIS is, it is essentially an economic entity that seeks to ‘promote cooperation’ between the different central banking institutions of the world.

In regards to the aforementioned development, Agustin Carstens — BIS’ General Manager — was quoted as saying:

“It might be that it is sooner than we think that there is a market and we have to create our own digital currencies.”

At this point in the article, it is also worth mentioning that in the past, Cartsens has spoken about the impact of digitization and how cryptocurrencies like Bitcoin, Ethereum can not be thought of as a legitimate payment avenues — since they cannot allow their owners to acquire everyday goods and services with ease.

However, despite all this, it appears as though a number of central banks across the globe are actively looking to create their personal digital currencies.

Lastly, in a recent interview with the BIS topman, he stated:

“There needs to be demand for central bank currencies and it is not clear that the demand is there yet”.