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.
Four central bank roles, four sets of choices
As an issuer, a central bank considers which entities can hold central bank accounts, which services they can use and the terms of access. The three elements are linked: eligibility determines who can use an account, while services and terms define the practical scope of that access.
As an operator, it considers modernizing existing infrastructure or developing new platforms. CPMI places resilience, innovation and implementation risks together in that decision. A potential technical improvement has to be considered alongside the challenges of introducing and operating the infrastructure.
As an overseer, it assesses whether emerging arrangements, including stablecoins and tokenized arrangements, perform functions similar to financial market infrastructures. The release also points to systemic importance, governance and operational resilience. For digital-money arrangements, that directs attention toward the functions they perform and the risks they may create across the system.
As a catalyst, it convenes stakeholders to address collective action problems, supports market solutions and encourages common practices and industry standards. This role brings coordination into the same framework as account provision, infrastructure operation and oversight.
One payments system. Four central bank roles.
CPMI’s official summaries connect a trusted settlement anchor with private innovation. Select a role to explore its policy choices.
Complementary money in a shared payments system Central bank money anchors trust and supports settlement for systemically important systems. Private arrangements support innovation, competition and user choice. Connectors show complementarity, not fund flows.A SHARED PAYMENTS SYSTEMCENTRAL BANK MONEYAnchor of trustSettlement for systemicallyimportant systemsPaymentssystemPRIVATE ARRANGEMENTSInnovation & choiceCompetition and servicesfor diverse user needsComplementary rolesCentral bank money also supports conversion at par.
Complementary money in a shared payments system A 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
Consider eligible entities, available services and access terms for central bank accounts.
Issuer: define account access Account 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 access Vertical 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-offs Modernising 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 TOGETHER
Operator: infrastructure choices and trade-offs Mobile 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 relevance Stablecoins 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 arrangements Mobile 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 action The 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 solutions Dedicated 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 committee considers the opportunities and risks of payment diversity together. CPMI describes the potential benefits conditionally. More arrangements may improve efficiency, competition and innovation. They may also create new interdependencies and introduce or amplify credit, liquidity, operational and cyber risks.
The release emphasizes considering policy tools together, adaptability and sustained international cooperation. It also recognizes that central bank policies may differ across jurisdictions.
NBTC is the editorial account for NBTC News, covering Bitcoin, Ethereum, DeFi, blockchain infrastructure, exchanges, mining, regulation and digital asset markets. The editorial team focuses on clear sourcing, timely updates and practical context for crypto readers.
