A BIS committee report sets out choices on settlement access, infrastructure and oversight as stablecoins and tokenized deposits join existing payment systems.
The Committee on Payments and Market Infrastructures (CPMI), hosted by the Bank for International Settlements, published an analysis on Oct. 29 setting out four central bank roles in increasingly diverse payments: issuer, operator, overseer and catalyst. It considers stablecoins, tokenized deposits and programmable platforms alongside other payment innovations.
In its official announcement and online publication summary, CPMI describes central bank money as the foundation for trusted settlement, alongside private payment services that support innovation, competition and user choice. The publication connects digital money to practical decisions over account access, infrastructure, oversight and coordination.
The publication summary says central bank money provides the safest and most liquid settlement asset for systemically important systems. It also supports convertibility at par among different means of payment, meaning conversion at the same face value.
Private arrangements have a complementary place in that account. CPMI credits private entities with developing services for different user needs and contributing competition, efficiency and broader access. The framework therefore combines a common settlement anchor with room for different payment services and forms of private money.
CPMI examines stablecoins, tokenized deposits and programmable platforms alongside fast payment systems and non-bank payment providers. The common question is how these arrangements fit into the wider payments system.
The summary also identifies enduring forces: network effects, the relationship between concentration and fragmentation, and trust in money. New technical arrangements enter a system still shaped by those forces, making connections between participants part of the policy problem.
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