This IMF paper concludes that the mere disappearance of physical cash would not imply that monetary policy’s bearing on economic dynamics be in any way reduced. Hence, the disappearance of cash cannot be the argument for calling for CBDCs from that perspective. More relevant arguments for digital instead of physical cash include instead the objective to be better able to counteract money laundering and combat the financing of terrorism and tax evasion.
This Article aims to highlight the factual interconnections linking ICOs, cryptocurrencies, stablecoins and CBDCs: although these entities belonging to different contexts (securities law and capital formation, payment systems, monetary policy), they are intertwined and are part of the same evolution.
Based on four stylized models of CBDC issuance, this Bank of Japan (BoJ) report discusses what legal issues would arise within the Japanese legal framework if the BoJ were to issue its own CBDC.
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Published by kiffmeister
The Kiffmeister is a former Senior Financial Sector Expert at the International Monetary Fund.
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