CommitteeonPaymentsandMarketInfrastructuresDigitalcurrenciesNovember2015ThispublicationisavailableontheBISwebsite(www.bis.org).©BankforInternationalSettlements.Allrightsreserved.Briefexcerptsmaybereproducedortranslatedprovidedthesourceisstated.ISBN978-92-9197-384-2(print)ISBN978-92-9197-385-9(online)CPMIreportondigitalcurrenciesiiiContentsExecutivesummary...........................................................................................................................................................................11.Introduction......................................................................................................................................................................32.Keyfeaturesandusesofdigitalcurrencies..........................................................................................................43.Factorsinfluencingthedevelopmentofdigitalcurrencies............................................................................73.1Supplysidefactors................................................................................................................................................73.2Demandsidefactors.............................................................................................................................................93.3Roleofregulation................................................................................................................................................104.Implicationsforcentralbanksofdigitalcurrenciesandtheirunderlyingdecentralisedpaymentmechanisms.................................................................................................................................................134.1Implicationsstemmingfromcentralbanks’roleinthepaymentsystem.....................................144.2Implicationsforfinancialstabilityandmonetarypolicy.......................................................................15Impactonfinancialmarketinfrastructures............
