Understanding Disputes Over Digitalization: A Perspective of Cross-Border CBDCs (Heng Wang)
In a forthcoming paper in the Emory International Law Review Heng Wang analyzes the complexity of disputes arising from digitalization, with a particular focus on cross-border central bank digital currencies (CBDCs). The paper highlights that CBDCs—as novel digital forms of national currency issued by central banks—bring transformative changes, especially through cross-border initiatives like Project mBridge and other multilateral efforts. The paper argues that the rapid digitalization of currency systems increases the likelihood of disputes due to diverging stakeholder interests, regulatory inconsistencies, technological challenges, and evolving governance structures. Wang proposes a framework examining social (stakeholder interests and interactions), material (subject matter and party perceptions), and temporal (evolution and timing of disputes) dimensions to better understand these disputes. By dissecting disputes along these lines, the paper aims to bridge the gaps between digital transformation and dispute settlement, helping public and private actors navigate the complex regulatory, technological, and operational landscape emerging from global CBDC adoption. [Source: ResearchGate]
Everyone Is Wrong About Tokenized Bank Deposits (Omid Malekan)
Crypto consultant Omid Malekan argues that widespread optimism about tokenized bank deposits is misplaced and reflects a misunderstanding of blockchain’s disruptive potential. He contends that tokenized deposits are inferior to stablecoins in terms of economics, safety, and compliance—requiring banks to pay competitive interest, being riskier due to fractional reserves, and suffering from restrictive permissioning that reduces utility. On the supply side, challenges like deposit insurance and price discovery on-chain could exacerbate instability and bank runs, and regulatory compliance will force banks into permissioned systems that undermine the very benefits of tokenization. Malekan concludes that unless banks radically rethink their structure, tokenizing legacy bank deposits simply reproduces outdated models, missing the transformative promise of blockchain technology. [Source: Substack]
Upcoming Speaking Engagements:
The Cedi@60 Anniversary Currency Conference (Accra, Ghana, November 17-20) hosted by the Bank of Ghana, in partnership with Currency Research, will celebrate 60 years of the Ghanaian Cedi, bringing together leaders from across Africa and beyond to reflect on the currency’s legacy and chart its digital future. Learn about Ghana’s eCedi pilot and the future of sovereign digital currencies in Africa, and engage with innovators driving mobile money, QR code payments, and financial inclusion across the region. [Register here and get 15% off by using the Kiffmeister15 code!]
The Digital Euro Conference 2026 (Frankfurt, March 26) will explore the future of money with a focus on CBDCs, stablecoins, and commercial bank tokens. This hybrid event offers the perfect platform to understand the future of digital money! [Register here and get 20% off the regular ticket price by using the Kiffmeister20 code!]
I produce a monthly digest of digital fiat currency (DFC) developments exclusively for the official sector (e.g., central banks, ministries of finance and international financial institution (e.g., the BIS, IMF, OECD, World Bank)) plus academics and firms that are active in the DFC space (commercial banks, technology providers, consultants, etc.). (DFCs include central bank digital currency (CBDC), stablecoins and tokenized deposits.) It goes out via email on the first business day of every month, and if you’re interested in being on the mailing list, please email me at john@kiffmeister.com.
