Panetta Elected as BIS Chair Amid Digital Finance Strategy Review

The Bank for International Settlements (BIS) has announced the election of Fabio Panetta as its new Chair. This appointment is set to take effect from June 2026 and will last for three years. Panetta will succeed François Villeroy de Galhau, who has held the position since 2015.

The BIS plays a crucial role in coordinating monetary policy among 63 member central banks and setting the intellectual agenda for global financial regulation. As Chair, Panetta will be responsible for shaping the institution's priorities and guiding its research efforts.

Panetta's views on cryptocurrencies are well-documented, with him being a vocal critic of unbacked digital assets. He has repeatedly warned about the risks they pose to financial stability and the potential threat they may pose to monetary sovereignty. In contrast, he is an advocate for central bank digital currencies (CBDCs), which he sees as essential for maintaining relevance in a digitizing financial system.

The BIS is currently undergoing a strategy review, with a focus on digital finance and innovation. This comes at a time when the institution has been expanding its work on tokenized assets and programmable money. Panetta's appointment may signal a continued emphasis on these areas of research and development.