BASEL, Switzerland—The Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI) has outlined its strategic priorities for its 2024/25 work program, which includes a focus on digital money.
“The CPMI is exploring tokenization, particularly in the context of money and payments and will release a G20 report in conjunction with the BIS,” Ledger Insights reported. “Secondly, it is analyzing not just the technology and policy choices for cross border CBDC, but also the ideal timing. In conjunction with IOSCO it will expand its stablecoin analysis to include multi-currency and asset-linked stablecoins.”
According to the report, apart from innovations the other two focus areas in the work program are risks to financial market infrastructures (FMIs) and cross border payments.
7 Central Banks Involved
“On cross border payments, the CPMI’s current focus is mainly on interconnecting faster payment systems, with a briefing note on the topic…The role of tokenization really falls under the innovation category, rather than cross border payments,” Ledger Insights stated. “However, the BIS Innovation Hub has its major tokenization Project Agorá involving seven central banks for cross border payments using the existing correspondent banking model.”
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