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Global · Regulation & crypto · Source: bis.org
BIS committee report sets out central banks' roles in a changing payment system
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Summary: A new report from the BIS Committee on Payments and Market Infrastructures (CPMI) looks at how fast payments, non-bank providers, tokenised deposits and stablecoins are changing payment systems, and which tools central banks can use in response.
What happened
The CPMI, a standard-setting body hosted by the Bank for International Settlements (BIS), published The roles of central banks and central bank money in the evolving payment system. It builds on a 2003 report on the role of central bank money by the CPMI's predecessor, the Committee on Payment and Settlement Systems.
According to the BIS press release, the report finds that a wider range of payment arrangements may bring more efficiency, competition and innovation. It also says new arrangements can change how credit, liquidity, operational and cyber risks arise and spread. It describes central bank money as the anchor of trust that supports settlement in systemically important systems and convertibility at par between different means of payment.
According to the press release, the report highlights four areas for central banks to consider, in their roles as issuer, operator, overseer and catalyst. As overseers, this includes assessing whether emerging arrangements, such as stablecoins and tokenised arrangements, perform functions similar to financial market infrastructures. CPMI Chair Fabio Panetta said: "Payments are at the frontier of finance."
Background
In a speech to the International Association of Deposit Insurers' conference in Berlin on the same day, BIS General Manager Pablo Hernández de Cos asked whether a form of deposit insurance should cover new digital money. He said that "no stablecoin is yet systemic", but that runs in this sector could affect confidence. He said experience so far suggests asset-backed stablecoins lack stable value against fiat currency and are not directly linked to bank lending, so a core reason for deposit insurance is missing. By contrast, he argued, tokenised deposits stay tied to an issuing bank, and digital instruments representing insured deposits should have the same protection. These are the views of the speaker.
Why it matters for markets and crypto
Standard-setting reports and senior BIS speeches often shape how national regulators approach stablecoins, tokenised money and payment infrastructure. The report does not create binding rules. It sets out considerations for central banks. This article does not assess any specific product or asset and is not an endorsement of stablecoins or crypto-assets. xorchain.io has no connection to the report.
What to watch next
- 18 January 2027: the US OCC's final rule implementing the GENIUS Act takes effect for payment stablecoin issuers under the OCC's jurisdiction, according to the Federal Register.
- The CPMI release does not set follow-up dates.
Sources
- Bank for International Settlements, "CPMI publishes analysis on how central banks support payment system safety and efficiency and trust in money in the rapidly changing payments ecosystem", 29 October 2026
- Bank for International Settlements, Pablo Hernández de Cos, "Deposit insurance in a changing financial landscape", 29 October 2026
- Federal Register, Office of the Comptroller of the Currency, final rule implementing the GENIUS Act (document 2026-21706), 23 October 2026
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