The Committee on Payments and Market Infrastructures has published a report on digital currencies, in which the CPMI considers: (i) the key features and uses of digital currencies; (ii) factors influencing the development of digital currencies, including the role of regulation; and (iii) the implications for central banks of digital currencies and their underlying decentralised payment mechanisms, including the potential impact on financial market infrastructures (FMIs) and on financial stability. The CPMI concludes that digital currencies, and the use of distributed ledgers, have the potential to disrupt existing business models and systems and may lead to the emergence of new financial, economic and social interactions and linkages.