The Committee on Payments and Market Infrastructures of the Bank for International Settlements published an analysis on October 29 outlining four roles for central banks in payment systems: issuer, operator, overseer and catalyst. It examines stablecoins, tokenised deposits and programmable platforms, alongside fast payment systems and non-bank payment providers. Central bank money provides the safest and most liquid settlement anchor, while private services support innovation, competition and user choice. This diversification may also create new interdependencies and increase credit, liquidity, operational and cyber risks, requiring continued international cooperation and policies adapted to each jurisdiction.
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