CPMI Defines Four Central Bank Roles as Digital Payments Evolve

The Committee on Payments and Market Infrastructures (CPMI), hosted by the Bank for International Settlements (BIS), set out four central bank roles as stablecoins and tokenized deposits reshape payment systems and central bank money remains the settlement base. The committee published the report Oct. 29. The roles are issuer, operator, overseer and catalyst. The report identifies central bank money as the most secure and liquid settlement asset in systemically important systems. It also supports convertibility at par, meaning different forms of money can be exchanged at the same face value.