According to Cointelegraph, the Bank for International Settlements (BIS) confirmed in a November 11 press release that former ECB Executive Committee member Benoît Cœuré will serve as chairman of the BIS Innovation Center on January 15, 2020. Focusing on digital currency and financial innovation, the center's main tasks are: identifying and in-depth analysis of key technology trends affecting the European Central Bank; developing technology products to improve the functioning of the global financial system; and acting as a key node for central bank experts' innovation networks. In addition to Switzerland, where the BIS headquarters is located, the center will also open offices in Hong Kong and Singapore. According to the report, Cœuré has taken over a working group specializing in stable coins. It is reported that last year, Cœuré described Bitcoin as "an evil product of the financial crisis."