CPMI publishes analysis on how central banks support payment system safety and efficiency and trust in money in the rapidly changing payments ecosystem
The Bank for International Settlements' Committee on Payments and Market Infrastructures (CPMI) has published a report titled "The roles of central banks and central bank money in the evolving payment system."
It looks at how technological innovation, changing user demand and new types of payment service providers and arrangements are reshaping payments, with possible effects on safety, efficiency and trust in money.
The report says central bank money is the anchor of trust, supporting safe settlement in systemically important systems and convertibility at par, while private payment options promote competition and choice. Central banks, it says, can act as issuers, operators, overseers and catalysts, and should weigh policy choices holistically while staying adaptable and cooperating internationally. It updates a framework first set out in 2003.
Summary written by Readthrough from the original article. The full story, with photos and any updates, is at Bank for International Settlements (Media releases).
