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A New and Unsolved Riddle in Monetary Law: The Complex Case of Central Bank Digital Currency

Year of Publication: 2024
Month of Publication: 3
Author(s): Christian Hofmann
Research Area(s): Banking and Finance Law
Book Title: FA Mann: The Lawyer and His Legacy
Publisher: Oxford University Press
Abstract: The chapter analyses the characteristics of Central Bank Digital Currency (CBDC) in comparison with other forms of money. It displays the objectives and potential risks of CBDC in general terms before discussing their benefits for different types of financial markets. The focus is on the benefits CBDC could mean for the public by providing a safe base of value option. It argues that the introduction of CBDC would bring the monetary options more closely in line with Mann’s concept that strongly favoured the state theory of money and that was sceptical about the concept (and dominance) of commercial bank money.
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