BIZ appoints Libra-critic Benoît Cœuré as Chairman of its new FinTech Department

The Bank for international settlements (BIS) has heard the Wake-up call of Libra and is now seeking to examine FinTech solutions for the improvement of the global financial system. The BIZ has established its own "Innovation Hub" – and with the Central bankers Benoît Cœuré a Libra made made-skeptic to the head of the new Department.

By Christopher clover
12. November 2019 BTC $ 7,219.83 0.54% part Facebook Twitter LinkedIn xing mail

The Innovation Hub under the leadership of Benoît Cœuré will have to help banks around the world to explore together the potential of new financial technologies (FinTech). Cœuré is the crypto-scene, especially through his words in the direction of the planned Facebook Coin Libra is known.

I look forward to bringing my Expertise in this time of rapid technological change in the global Central Bank community. We must take advantage of the Innovation, in order to support financial stability and to promote financial inclusion,

quoted TO Cœuré in their press release of 11. November. Financial inclusion describes the efforts to make financial services for as many people as possible to access. BIZ-in-chief, agustín Carstens wants to fight with the Innovation Hub, systemic causes for the lack of inclusion of the "Unbanked":

I am pleased to have Benoit on Board, to the important Mission of the Hub to advance, to develop, namely innovations that contribute to improving the functioning of the international financial system. Technology-driven innovations driving change in many areas and can bring great Benefits for anyone that makes payments and receives. The Hub reflects the commitment of Central banks to share resources and to lay the foundations for a successful future,

so Augustin in the press release.

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torn, Financial inclusion is a theme or Slogan, and also the Libra project has capitalized on the Flag or the banner. The world Bank estimated in 2017, the number of adults without a Bank safe access to around 1.7 billion. It is assumed that many of them have a Facebook Account. The social network has, according to the statistics service Statista around 2,41 billion active users (August 2019). This enormous potential reach for Libra has let regulatory agencies around the world stress. The prospect that a group could offer practically overnight, more than a quarter of the world's population with an Alternative to legal tender such as the Euro or the US Dollar, was for the Central banks – to say it in the words of Benoît Cœuré, a "Wake up call".

Benoît Cœuré, the Stable-Coin-Whisperer [display] buy Bitcoin with the Bitwala account. Why have a Bank account with Bitwala? A Bank account is “Made in Germany” with protection of deposits up to 100,000 euros; 24/7 Bitcoin trading with faster liquidity; trading only ‘real’ Bitcoin has no financial derivatives such as CFDs; Secure users of lift-off control of the Bitcoin Wallet and the private key; With the contactless Debit Mastercard worldwide, and pay.

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The establishment of a FinTech Hub by the "Bank of Central banks" can thus be seen as a direct response to Libra interpreted. Against this Background, also the appeal Benoît Cœurés as Chairman of the new BIS Department is to consider. Cœuré, for example, has played a leading role in the Stable Coin-the Report of the G7 working group. The report examines the opportunities and dangers of stablecoins from the point of view of regulation. The report acknowledges the potential of stablecoins to make global payments (cost-)efficient and cost-effective; however, he also warns decidedly against possible risks for the global financial system, which resulted in projects with a worldwide scale like Libra with. In order to limit such risks, as a core requirement of the report, would need to take a coordinated approach to international regulatory authorities:

The authorities need to coordinate across agencies, sectors and jurisdictions to support responsible innovation in payments and at the same time a globally uniform response in terms of risk reduction, ensure,

the, published in October, Stable-Coin-Report of the G7 working group warns.

The Innovation Hub of the TO a to the extent that such a coordinated approach, as it will open up not only in Switzerland, but also in Hong Kong and Singapore offices. Benoît Cœuré his new Post will on 15. January 2020 to compete, the term of office is five years.

More:

According to Libra: Facebook payment system, Facebook Pay leads to a regulatory ECHO: Stormy times for Libra Libra: Australian authorities call for more information #Benoît Cœuré#BIZ#Libra