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Private Law Aspects of Token-Based Central Bank Digital Currencies
Author:
Marianne Bechara
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Wouter Bossu https://isni.org/isni/0000000404811396 International Monetary Fund

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Amira Rasekh https://isni.org/isni/0000000404811396 International Monetary Fund

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Chia Yi Tan
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Akihiro Yoshinaga
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Series:
Fintech Notes
Volume/Issue:
Volume 2025: Issue 003
Language:
English
Publication Date:
14 Mar 2025
DOI:
https://doi.org/10.5089/9798229004282.063
ISBN:
9798229004282
ISSN:
2664-5912
Pages:
51
Keywords:
Token-Based CBDC; Private Law; Central Bank Digital Currencies; Legal Framework; Ownership Rights; Transfer Mechanisms; Financial Intermediaries; private law aspect; TokenBased central bank digital currencies; CBDC holder; IMF Library; IMF Fintech Note 2025/003; Currencies; Securities; Commercial banks; Global
Legal-disclaimer:
Fintech Notes offer practical advice from IMF staff members to policymakers on important issues. The views expressed in Fintech Notes are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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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.
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Cover FinTech Notes
FinTech Notes
ISSN:
2664-5912
Publisher:
International Monetary Fund