Bank for International Settlements (BIS)
The Bank for International Settlements (BIS) is an international financial institution based in Basel, Switzerland. Established by the Hague Agreement of 1930, it serves as a hub for central banks around the world and promotes international monetary and financial cooperation among its member countries. The BIS also provides banking services to its members and other international organizations. It is owned by 60 central banks from countries across the globe.
The main purpose of the BIS is to provide a forum where central bank governors can meet regularly to discuss global economic issues and carry out research on topics related to their responsibilities, such as foreign exchange reserves management, payment systems or regulation of derivatives markets. In addition, it provides technical assistance and advice on various policy matters to its members. The BIS also publishes reports on current events in the global economy that are highly influential among policymakers in many countries around the world.
The BIS plays an important role in cryptocurrency-related activities due to its close connections with major central banks worldwide. As part of this role, it regularly hosts meetings between representatives from these institutions regarding developments in this field including potential regulations they may implement or initiatives they could launch together with private entities within their respective jurisdictions like blockchain associations or fintech startups developing solutions using distributed ledger technology (DLT). Additionally, through its Innovation Hub initiative launched back in 2017, it works closely with experts from academia and industry who specialize on DLT applications so as better understand what new use cases could be enabled via these technologies while at same time helping promote best practices when designing them so ensure their security and privacy features are properly taken into account throughout entire development process up until deployment phase begins.
