The Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI) released an analysis on October 29 that defines four key roles for central banks in an increasingly diverse payments landscape: issuer, operator, overseer, and catalyst. The paper examines stablecoins, tokenized deposits, and programmable platforms alongside other payment innovations.
In its announcement and accompanying summary, CPMI describes central‑bank money as the foundation for trusted settlement, while private payment services drive innovation, competition, and user choice. The publication links digital money to practical decisions on account access, infrastructure, oversight, and coordination.
According to the summary, central‑bank money is the safest and most liquid settlement asset for systemically important systems. It also underpins convertibility at par among different payment means, meaning that conversion occurs at the same face value.
Private arrangements occupy a complementary role within this framework. CPMI credits private entities for developing services that meet varied user needs and for fostering competition, efficiency, and broader access. The overall structure combines a common settlement anchor with space for diverse payment services and forms of private money.
CPMI reviews stablecoins, tokenized deposits, and programmable platforms in conjunction with fast‑payment systems and non‑bank providers, asking how these arrangements fit into the broader payments system.
The paper also highlights enduring forces—network effects, the balance between concentration and fragmentation, and trust in money. New technical solutions enter a system still shaped by these forces, making inter‑connections between participants a core policy challenge.
Four central bank roles, four sets of choices
Issuer As an issuer, a central bank decides which entities can hold central‑bank accounts, which services they may use, and the terms of access. Eligibility determines who can open an account, while the range of services and the associated terms define the practical scope of that access.
Operator As an operator, the central bank evaluates whether to modernize existing infrastructure or develop new platforms. The decision must balance resilience, innovation, and implementation risks, weighing potential technical improvements against the challenges of rollout and ongoing operation.
Overseer As an overseer, the central bank assesses whether emerging arrangements—including stablecoins and tokenized solutions—perform functions similar to financial‑market infrastructures. The focus is on systemic importance, governance, and operational resilience, examining the functions they carry out and the risks they may introduce across the system.
Catalyst As a catalyst, the central bank convenes stakeholders to address collective‑action problems, supports market‑based solutions, and promotes common practices and industry standards. This role integrates coordination with the other three functions—account provision, infrastructure operation, and oversight.
Complementary money in a shared payments systemA dedicated vertical mobile diagram connects central bank money and private arrangements through the shared payments system. It is schematic, not a flow of funds.CENTRAL BANK MONEYAnchor of trustSystemically important settlementSupports conversion at parPaymentssystemComplementaryrolesPRIVATE ARRANGEMENTSInnovation & choiceCompetition and servicesfor diverse user needs
Explore a policy role
Explore a policy roleIssuerOperatorOverseerCatalyst
Consider eligible entities, available services and access terms for central bank accounts.
Issuer: define account accessAccount eligibility, services and terms define access to central bank accounts; this is a policy menu.IssuerDefine access to central bank accountsEntitiesEligibility consideredACCESS POLICYCentral bankaccountsWho is eligible?Which services?On what terms?Issuer: define account accessVertical mobile account-access diagram with three policy levers.IssuerDefine central bank account accessEntity eligibilityPolicy choicesCentral bank accountsEligibilityServicesTerms
Consider existing or new infrastructure while balancing resilience, innovation and implementation risks.
Operator: infrastructure choices and trade-offsModernising existing infrastructure or developing platforms is considered alongside resilience, innovation and implementation risks. Lines are options, not a rollout sequence.OperatorChoose infrastructure while balancing trade-offsModernize existinginfrastructureDevelop newplatformsResilienceInnovationImplementationrisksBALANCE TOGETHEROperator: infrastructure choices and trade-offsMobile branching choice diagram with a shared balancing frame.OperatorBalance infrastructure choicesModernize existinginfrastructureORDevelop newplatformsBALANCE TOGETHERResilience · InnovationImplementation risks
Assess whether emerging arrangements function like financial market infrastructures (FMIs), alongside systemic importance, governance and operational resilience.
Overseer: assess function and systemic relevanceStablecoins and tokenised arrangements are assessed for functions similar to financial market infrastructures, systemic importance, governance and operational resilience. This is an assessment, not blanket classification.OverseerAssess arrangements by function and systemic relevanceStablecoinsTokenizedarrangementsFMI-like functions?Systemic importanceGovernanceOperational resilienceAssessment depends on the arrangement’s functions and characteristics.Overseer: assess emerging arrangementsMobile assessment diagram preserves distinctions between emerging arrangements and questions about FMI-like functions.OverseerAssess functions and systemic relevanceStablecoinsTokenizedarrangementsFMI-like functions?Systemic importanceGovernanceOperational resilience
Convene stakeholders and support market solutions, industry standards and common practices.
Catalyst: coordinate collective actionThe central bank convenes stakeholders and supports market solutions, industry standards and common practices.CatalystHelp participants solve collective action problemsStakeholdersCONVENECentral bankas catalystMarket solutionsIndustry standardsCommon practicesCoordination complements account provision, operation and oversight.Catalyst: convene and support shared solutionsDedicated mobile coordination tree connects stakeholders and central bank catalyst to shared market solutions, standards and common practices.CatalystCoordinate collective actionStakeholdersConveneCentral bankas catalystMarket solutionsIndustry standardsCommon practices
Access, infrastructure, oversight and coordination are connected policy choices as payments diversify.
Policy considerations, not binding global rules or enacted access changes. Benefits and risks remain conditional. Full report PDF not reviewed; geometry has no quantitative scale.
The CPMI acknowledges both the potential benefits and the risks accompanying payment diversity. While additional arrangements could enhance efficiency, competition, and innovation, they may also create new interdependencies and amplify credit, liquidity, operational, and cyber‑security risks. The paper underscores the importance of using policy tools cohesively, maintaining adaptability, and sustaining international cooperation. It also notes that central‑bank policies may differ across jurisdictions.