According to IMF research, 80% of countries have laws that would not support the issuance of a retail central bank digital currency (CBDC). In a speech today, Agustín Carstens, General Manager of the Bank for International Settlements (BIS), urged countries to implement CBDC legislation ‘at pace’.
He outlined three core elements that any legal framework should implement: privacy, integrity and choice.
To demonstrate his point, Mr. Carstens used the example of someone paying for a bottle of water with cash anonymously. In contrast, if someone attempts to withdraw a large some of money from a bank, questions are asked. That’s both a demonstration of privacy as well as the limits imposed to protect the integrity of the system.
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