CRYPTOCURRENCIES AND CENTRAL BANKS
Hubert de Vauplane · FinTech · 2021
Today’s economy is being transformed by digitisation, prompting central banks to seriously consider the issuance of central bank digital currencies (CBDCs’. In that context, many central banks are examining the relevant economic and political factors, as well as necessary regulatory reforms in order to weigh the benefits and disadvantages of issuing CBDCs. In addition to these factors, legal issues related to CBDCs and the possible need to adopt new legislation to address them, also deserve consideration. This chapter examines the legal characteristics of CBDCs by reference to the features of sovereign currencies and cryptocurrencies. It concludes that the issuance of CBDCs will require adapting national legal and regulatory frameworks, in order to ensure clarity around the status and legal characteristics of CBDCs.