{
  "title": "Selected Legal Considerations for Central Bank Digital Currencies",
  "publication": "Fintech Notes, November 11, 2025",
  "sourceUrl": "https://www.imf.org/en/publications/fintech-notes/issues/2025/11/07/selected-legal-considerations-for-central-bank-digital-currencies-571409",
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  "summary": "What are the selected legal considerations for retail CBDC (rCBDC) and wholesale CBDC (wCBDC)? First, with respect to rCBDC, this chapter discusses the mechanisms through which rCBDC is sanctioned as a currency; the legal basis for its issuance and provision of a payment platform; and the central ba",
  "sections": [
    {
      "heading": "Summary",
      "content": "- Purpose: Discuss selected legal considerations for retail CBDC (rCBDC) and wholesale CBDC (wCBDC).\n- Scope for rCBDC:\n  - Mechanisms through which rCBDC is sanctioned as a currency.\n  - Legal basis for rCBDC issuance and provision of a payment platform.\n  - Central bank’s mandate to regulate rCBDC service providers.\n  - Nature and impact of legal relationships in the rCBDC landscape to help central banks assess potential legal risks.\n  - Consideration of specific rCBDC design features: holding and transaction limits, fee caps, interest accrual, programmability, and offline capabilities.\n- Scope for wCBDC:\n  - Legal nature of wCBDC.\n  - Central bank’s mandate to issue wCBDC and to operate its platform (whether directly or through third parties).\n  - Legal relationship between the central bank and users.\n  - Settlement finality of wCBDC transactions."
    },
    {
      "heading": "Retail CBDC (rCBDC) — Key Legal Considerations",
      "content": "- Legal recognition and sanctioning as a currency:\n  - Mechanisms for conferring currency status on rCBDC are examined.\n- Issuance and payment platform legal basis:\n  - Legal foundations for issuing rCBDC and for providing the associated payment platform are analyzed.\n- Regulation of intermediaries:\n  - Central bank mandate to regulate rCBDC service providers is discussed.\n- Legal relationships and risk assessment:\n  - The chapter examines the nature and impact of legal relationships across the rCBDC ecosystem to assist central banks in assessing legal risks.\n- Design-feature legal implications:\n  - Holding and transaction limits.\n  - Fee caps.\n  - Interest accrual.\n  - Programmability.\n  - Offline capabilities."
    },
    {
      "heading": "Wholesale CBDC (wCBDC) — Key Legal Considerations",
      "content": "- Legal nature of wCBDC:\n  - The legal characterization of wCBDC is addressed.\n- Mandate and platform operation:\n  - Central bank’s mandate to issue wCBDC and to operate its platform, directly or via third parties, is analyzed.\n- Legal relationships with users:\n  - Legal relationship between the central bank and users of wCBDC is considered.\n- Settlement finality:\n  - Legal issues surrounding settlement finality of wCBDC transactions are examined.\n\n---\n\n Content in this bundle\n\n- Selected Legal Considerations for Central Bank Digital Currencies\n  - Selected Legal Considerations for Central Bank Digital Currencies (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Selected Legal Considerations for Central Bank Digital Currencies (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/fintech-notes/issues/2025/11/07/selected-legal-considerations-for-central-bank-digital-currencies-571409"
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    "Authors: Marianne Bechara, Adrian Dorel Dumitrescu Pasecinic, Tomoyuki Kubota",
    "Published: November 11, 2025",
    "Series: Fintech Notes",
    "DOI: https://doi.org/10.5089/9798229028004.063",
    "Purpose: Discuss selected legal considerations for retail CBDC (rCBDC) and wholesale CBDC (wCBDC).",
    "Scope for rCBDC:",
    "Scope for wCBDC:",
    "Legal recognition and sanctioning as a currency:",
    "Issuance and payment platform legal basis:",
    "Regulation of intermediaries:",
    "Legal relationships and risk assessment:",
    "Design-feature legal implications:",
    "Legal nature of wCBDC:",
    "Mandate and platform operation:",
    "Legal relationships with users:",
    "Settlement finality:",
    "**Selected Legal Considerations for Central Bank Digital Currencies**"
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