国际清算银行如何重塑全球经济

How the Bank forInternational Settlements S. Yash Kalash How the Bank forInternational Settlements About CIGI Credits The Centre for International Governance Innovation (CIGI) is an independent,non-partisan think tank whose peer-reviewed research and trusted analysisinfluence policy makers to innovate. Our global network of multidisciplinaryresearchers and strategic partnerships provide policy solutions for the digitalera with one goal: to improve people’s lives everywhere. Headquartered Research Director, Digital EconomyOdun OlowookereDirector, ProgramsDianna EnglishProgram ManagerGrace WrightPublications EditorChristine RobertsonPublications EditorSusan Bubak À propos du CIGI Le Centre pour l’innovation dans la gouvernance internationale (CIGI) est ungroupe de réflexion indépendant et non partisan dont les recherches évaluéespar des pairs et les analyses fiables incitent les décideurs à innover. Grâceà son réseau mondial de chercheurs pluridisciplinaires et de partenariatsstratégiques, le CIGI offre des solutions politiques adaptées à l’ère numériquedans le seul but d’améliorer la vie des gens du monde entier. Le CIGI, dont lesiège se trouve à Waterloo, au Canada, bénéficie du soutien du gouvernement Copyright © 2026 by the Centre for International Governance Innovation The opinions expressed in this publication are those of the author and do notnecessarily reflect the views of the Centre for International Governance Innovation For publications enquiries, please contact publications@cigionline.org. The text of this work is licensed under CC BY 4.0. To view a copy of this licence,visit http://creativecommons.org/licenses/by/4.0/. For reuse or distribution, please include this copyright notice. This work maycontain content (including but not limited to graphics, charts and photographs)used or reproduced under licence or with permission from third parties. Centre for International Governance Innovation and CIGI are registered 67 Erb Street WestWaterloo, ON, Canada N2L 6C2 Table of Contents About the AuthorAcronymsand AbbreviationsExecutive SummaryIntroduction: The Quiet Architect of the Digital EconomyThe Technological FoundationsThe Finternet Vision: From Interoperability to Integration About the Author S. Yash Kalashis a senior fellow at CIGI and anexpert in strategy, public policy, digital technologyand financial services. He has experience inemerging markets across India, MENA (MiddleEast and North Africa) and the Asia-Pacific and adistinguished track record advising governmentsand the private sector on emerging technologies.His expertise spans various industries, includingfintech, AI and digital assets, and their impact ongeopolitics. His career includes key roles at RolandBerger, the Government of India, Adani Group and a pathway toward an inclusive, plural andtransparent digital monetary order. Executive Summary Ultimately, the BIS’s evolving role suggests asignificant institutional shift from monetarycoordination to infrastructural influence, raisingimportant questions about transparency, inclusionand accountability. To understand the emerging This paper argues that the Bank for InternationalSettlements (BIS) has quietly evolved from beingthe “central bank of central banks” into thearchitect of the digital global economy. Through itsexpanding innovation hub network and projectsspanning central bank digital currencies (CBDCs), The paper contends that these initiatives, thoughbranded as discrete experiments, constitutea coherent global architecture linking money,markets, intelligence and infrastructure into whatthe BIS terms the “finternet” — an interoperablenetwork of programmable value systems. This Introduction: The QuietArchitect of the Digital For most of its history, the BIS has occupied adiscreet but powerful position within the globalfinancial architecture as the bank for centralbanks (Jones 2025). Established in 1930 to manageGermany’s war reparations, it evolved into aconvener for monetary authorities with the While the BIS presents this transformationas multilateral and inclusive, its governanceremains anchored in central bank sovereigntyand technocratic control. This paper situates thisevolution within the geopolitical economy of digitalfinance, arguing that BIS-led standard settingfunctions as a pre-emptive effort to consolidate But in the twenty-first century — as the foundationsof finance shift from paper and institutions todata, code and computation — the BIS has quietlyassumed a new and far more ambitious role. It isno longer simply the custodian of central bankcooperation; it is now playing a central role in The paper introduces two guiding concepts:interoperable sovereignty, or the capacity fornations to connect to global financial systemson their own terms, and a proposed multipolar The bank’s dual mandate of financial stabilityand innovation now translates into a delicatebalancing act: how to enable the benefits of and algorithmic governance into a un