BIS starts fintech hub as central banks look into crypto currency

The news comes after Facebook Inc. earlier this month unveiled plans to create a cryptocurrency it expects will one day trade much like the dollar

The Bank for International Settlements (BIS) is setting up shop to help officials embrace financial technology, who may need to speed up developing their own digital currency.
 

The BIS, which promotes cooperation among the world’s monetary officials, announced on Sunday it was starting an innovation hub for financial technology. And in an interview with the Financial Times, BIS General Manager Agustin Carstens said that “it might be that it is sooner than we think that there is a market and we have to create our own digital currencies.”
 

The news comes after Facebook Inc. earlier this month unveiled plans to