The CPMI has published a report considering potential implications of interest to central banks arising from innovations in digital currencies, especially those including an embedded decentralised transfer mechanism based on the use of a distributed ledger. Implications include potential disruption to business models and systems, as well as facilitating new economic interactions and linkages.

Currently, such schemes face a series of challenges that could limit their future growth. However, some digital currency schemes demonstrate the feasibility of peer-to-peer transactions in the absence of a centralised third party. Where intermediation through a central party is not currently cost-effective such technology may have potential to improve some aspects of the efficiency of payment services and financial market infrastructures.