Pablo Hernández de Cos, the former governor of the Bank of Spain and a strong advocate for the development of a digital euro, is set to take over as the General Manager of the Bank for International Settlements (BIS) in July. His five-year term will commence on July 1, succeeding Agustín Carstens. As the head of the BIS, often referred to as the 'central bank of central banks,' Hernández de Cos will be responsible for overseeing the organization's operations. The BIS, owned by 63 central banks, has been actively involved in the crypto sector, collaborating with central banks on central bank digital currency projects aimed at enhancing cross-border payments, privacy, and anonymity, and promoting the use of a unified ledger.
Central bank digital currencies (CBDCs) are digital assets issued by central banks. Hernández de Cos has previously expressed his support for a digital euro, suggesting it could facilitate payment innovation. He also played a key role in chairing the Basel Committee on Banking Supervision, which finalized global crypto-banking rules in 2022. Additionally, the BIS Board of Directors, responsible for supervising management and strategic direction, has reelected François Villeroy de Galhau, Governor of the Bank of France, as its chair.
Furthermore, Tiff Macklem, Governor of the Bank of Canada, is slated to become the chair of the BIS Consultative Council for the Americas, effective January.