The report titled "The Roles of Central Banks and Central Bank Money in the Evolving Payment System" by the Committee on Payments and Market Infrastructures (CPMI) has recently been published. This report was written by a formal working group of the International Monetary Fund (IMF), which focuses on topics related to payment systems and financial infrastructure.

The analysis of the relationship is particularly important because it shows how central banks should consider their responsibilities across various domains, including money issuance, system operator, and risk protection against security risks. An example of such reflection can be found with the Bank of Italy, which announced the creation of a new sector dedicated to investigating technological innovations in the fields of fast-payment systems, non-bank payment service providers, tokenized deposits, stablecoins, and programmable platforms.

This recognizes the need to understand the new challenges and opportunities that emerging payment systems can bring to the payment system landscape. According to the report, these changes are influenced by various factors: an increasing diversity of non-bank payment services, the diffusion of digital payment forms, and the emergence of new payment intermediaries. However, even though innovation introduces new dependencies, alters the nature of security risks, and transmits risks through the payment system, central banks remain indispensable for ensuring the safety and facilitation of the payment system. The Bank for International Settlements (BIS) supports the idea that central banks should consider their responsibilities holistically but maintains a flexible and sustained international cooperation perspective.

The report addresses more specific themes such as the security of fast transactions, monetary stability, and facilitating parity conversions, highlighting how central banks can contribute to ensuring safety and facilitating payment systems during significant changes.

In conclusion, the analysis of the BIS report suggests that central banks have a crucial role in managing system evolution. They need to be able to adapt quickly to new challenges and find effective solutions to maintain payment system safety and facilitation. This requires an in-depth understanding of current situations and critical reflection on each part's responsibilities within the payment system framework.

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