We present a policy framework for electronic money (e-money) and payments. The framework poses a set of positive questions related to the areas of responsibility of central banks: payment systems, monetary policy, and financial stability. The questions are posed regarding four broad forms of e-money: privately or publicly issued and with centralized or decentralized verification of transactions. This framework is intended to help evaluate the trade-offs that central banks face in the decision to issue new forms of e-money.