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Legal Aspects of Central Bank Digital Currency: Central Bank and Monetary Law Considerations
Open accessAbstract
This paper analyzes the legal foundations of central bank digital currency (CBDC) under central bank and monetary law. Absent strong legal foundations, the issuance of CBDC poses legal, financial and reputational risks for central banks. While the appropriate design of the legal framework will up to a degree depend on the design features of the CBDC, some general conclusions can be made. First, most central bank laws do not currently authorize the issuance of CBDC to the general public. Second, from a monetary law perspective, it is not evident that “currency” status can be attributed to CBDC. While the central bank law issue can be solved through rather straithforward law reform, the monetary law issue poses fundmental legal policy challenges.
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“The decision to pursue a CBDC is ultimately a policy and political matter”
From From Legal Tender to Prohibition: Competing Paradigms in Central Bank Digital Currency Law (2025) · cites this paper as Bossu, Itatani & Rossi, 2020, pp. 1-51
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Research works printed but not linked: 2
- Wouter Bossu, Mr. Masaru Itatani, Catalina Margulis, Arthur D. P. Rossi, Hans Weenink, Akihiro Yoshinaga, Legal Aspects of Central Bank Digital Currency: Central Bank and Monetary Law Considerations, 2020, 51, 2020 · DOI
- Wouter Bossu, Mr. Masaru Itatani, Catalina Margulis, Arthur D. P. Rossi, Hans Weenink, Akihiro Yoshinaga, Front Matter, 2020, 2020 · DOI
Cited by
From Legal Tender to Prohibition: Competing Paradigms in Central Bank Digital Currency Law
Zatti, F. (2025) · Strani pravni život · doi:10.56461/spz_25402kj
Metadata
- Authors
- Bossu, W., Itatani, M., & Rossi, A. D. P.
- Affiliations
- International Monetary Fund (US)
- Corresponding author
- Bossu, Wouter
- Venue
- IMF Working Papers
- Publisher
- International Monetary Fund (IMF)
- Published
- 2020-11
- Volume
- 2020
- Issue
- 254
- Pages
- 1
- ISSN
- 1018-5941 (ISSN-L)
- OpenAlex
- W3107242448
- Cited by
- 161
- References
- 0
- Citations by year
- 2026: 19 · 2025: 24 · 2024: 38 · 2023: 40 · 2022: 24 · 2021: 14 · 2020: 1
- FWCI
- 31.81
- Type
- journal article
- Language
- en
- Open access
- diamond
- doi.org
- Licence
- other-oa
- Locations
- IMF Working Paper (publishedVersion, other-oa)
- SSRN Electronic Journal (publishedVersion, other-oa)
- RePEc: Research Papers in Economics (submittedVersion)
- Topics
- Social Sciences › Law › Digital Transformation in Law
- Social Sciences › Business, Management and Accounting › Management Information Systems › FinTech, Crowdfunding, Digital Finance
- Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Digital Transformation in Financial Services
- Keywords
- central bank digital currency, central bank legislation, monetary law, currency status, legal reform
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
