Affiliation:
1. Adam Mickiewicz University Poznań , Poland
Abstract
Abstract
The possibility of introducing another form of official money, the Central Bank Digital Currency (CBDC), recognised by legislation, has long been discussed worldwide. This paper aims to analyse the advantages and disadvantages of such a solution, as well as to highlight the challenges facing legislatures about the possibility of legalising digital currency and, above all, protecting the rights and freedoms of citizens participating in the process. Due to its technological nature, CBDC is characterised by a much lower level of anonymity than conventional cash, which is often presented as a disadvantage. However, an analysis of this solution seems to weigh in favour of its advantages. One of them is the possibility of using CBDCs to support the process of financial inclusion referred to in the United Nations document Transforming our world: The 2030 Agenda for Sustainable Development. This is an important subject of academic research that can be carried out under the doctrine of financial-market law. Undoubtedly, this matter also has an increasing impact on the practice of financial-market functioning and fiscal and monetary policy decisions. In particular, financial law plays a key role in solving socioeconomic problems and is becoming an instrument for achieving the goals set by the United Nations. The research subject of CBDC is innovative and exploratory, as money, no matter how it is perceived, is, has been and will continue to be an instrument to change the world for the better.
Reference43 articles.
1. Aalbers, M. B. (2008). The financialization of home and the mortgage market crisis. Competition & Change, 12(2), pp. 148–166.
2. Bank for International Settlements. (2020). Central bank digital currencies: Foundational principles and core features. https://www.bis.org/publ/othp33.pdf
3. Bank for International Settlements. (2022, October). Project Aurum: A prototype for two-tier central bank digital currency (CBDC). https://www.bis.org/publ/othp57.htm
4. Barontini, C., & Holden, H. (2019). Proceeding with caution: A survey on central bank digital currency [BIS papers 101]. Bank for International Settlements.
5. Borio, C. (2003, February). Towards a macroprudential framework for financial supervision and regulation? [BIS working papers 128]. Bank for International Settlements.