Private Law Aspects of Token-Based Central Bank Digital Currencies

Fintech Notes, March 14, 2025

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Private Law Aspects of Token-Based Central Bank Digital Currencies

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Bibliographic details

• Authors: Marianne Bechara, Wouter Bossu, Amira Rasekh, Chia Yi Tan, Akihiro Yoshinaga
• Published: March 14, 2025
• Series: Fintech Notes
• DOI: https://doi.org/10.5089/9798229004282.063

Summary

• In designing central bank digital currencies (CBDCs), it is imperative that central banks carefully consider its legal foundations.
• As with any form of money, CBDCs require a solid basis under public and private law to provide it with the necessary legal certainty and political support that will underpin its wide circulation.
• This Fintech Note examines the private law aspects of token-based CBDC primarily intended for retail use.
• It follows a previous IMF working paper that examines the legal foundations of CBDC under central bank law and its treatment under monetary law—the main public law aspects of CBDC.

Scope and Subject Matter

• Subject: Central Bank digital currencies, Commercial banks, Currencies, Financial institutions, Money, Securities, Technology
• Keywords: CBDC holder, Central Bank Digital Currencies, Commercial banks, Currencies, Financial Intermediaries, Global, IMF Fintech Note 2025/003, IMF Library, Legal Framework, Ownership Rights, Private Law, private law aspect, Securities, Token-Based CBDC, TokenBased central bank digital currencies, Transfer Mechanisms
• Focus: Private law aspects of token-based CBDC primarily intended for retail use; relationship to prior work on public law foundations (central bank law and monetary law).

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• Private Law Aspects of Token-Based Central Bank Digital Currencies
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