Pablo Hernández de Cos, a former governor of the Bank of Spain, will take over as the general manager of the Bank for International Settlements (BIS) on July 1, 2025, succeeding Agustín Carstens. Hernández de Cos has been an advocate for the European Central Bank to develop a digital euro and was instrumental in establishing global crypto banking regulations in 2022. The BIS, which operates as the 'central bank of central banks' and is owned by 63 central banks, has been actively engaging in the crypto space and focusing on enhancing cross-border payments and the exploration of Central Bank Digital Currencies (CBDCs). The organization also announced the reelection of François Villeroy de Galhau, Governor of the Bank of France, as its chair, while Tiff Macklem, Governor of the Bank of Canada, will assume the chair in January 2025. Hernández de Cos’s term will span five years, during which he is expected to steer the BIS through ongoing innovations in digital currencies and regulatory frameworks.

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