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

_Fintech Notes, March 14, 2025_

## Source details

**Canonical URL:** [Private Law Aspects of Token-Based Central Bank Digital Currencies](https://www.imf.org/en/publications/fintech-notes/issues/2025/03/14/private-law-aspects-of-token-based-central-bank-digital-currencies-565165)

## Other formats

- [Markdown version](/en/publications/fintech-notes/issues/2025/03/14/private-law-aspects-of-token-based-central-bank-digital-currencies-565165/index.md)
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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

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### 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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## Content in this bundle

- **Private Law Aspects of Token-Based Central Bank Digital Currencies**
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_Source: https://www.imf.org/en/publications/fintech-notes/issues/2025/03/14/private-law-aspects-of-token-based-central-bank-digital-currencies-565165_