中央银行数字货币的法律考量（英）2025

Selected Legal Considerations forCentral Bank Digital Currencies Marianne Bechara, Adrian Dumitrescu-Pasecinic, and Tomoyuki NOTE/2025/006 FINTECH NOTE Selected Legal Considerations for Prepared by Marianne Bechara, Adrian Dumitrescu-Pasecinic, andTomoyuki Kubota November 2025 Selected Legal Considerations for Central Bank Digital CurrenciesNote 2025/006 Cataloging-in-Publication DataIMF Library Names: Bechara, Marianne, author. | Dumitrescu-Pasecinic, Adrian, author. | Kubota, Tomoyuki, author. |International Monetary Fund, publisher.Title: Selected legal considerations for central bank digital currencies / Marianne Bechara, Adrian Dumitrescu-Pasecinic, and Tomoyuki Kubota Other titles: Selected legal considerations for CBDCs. | Fintech note. Description: Washington, DC: International Monetary Fund, 2025. | Nov. 2025. | NOTE/2025/006. | Includes bibliographical references. Identifiers: ISBN:9798229028004(paper)9798229028257(ePub)9798229028134(WebPDF) Subjects: LCSH: Digital currency—Law and legislation. | Digital currency—case studies.Classification: LCC HG1710.B4 2025 DISCLAIMER:Fintech Notes offer practical advice from IMF staff members to policymakers onimportant issues. The views expressed in Fintech Notes are those of the author(s) and do notnecessarily represent the views of the IMF, its Executive Board, or IMF management. RECOMMENDED CITATION:Bechara, Marianne, Adrian Dumitrescu-Pasecinic, and TomoyukiKubota. 2025. “Selected Legal Considerations for Central Bank Digital Currencies.” IMF FintechNote 2025/006, International Monetary Fund, Washington, DC. Publication orders may be placed online or through the mail:International Monetary Fund, Publication ServicesP.O. Box 92780, Washington, DC 20090, U.S.A. * This Note has benefited from comments from IMF staff and Julio Baquero Cruz; Manuel Baschung; Nuntapun Bhensook;Susanne Bohman; Ross P. Buckley; Tim Chung; Assaf David-Margalit, Bank of Israel; Noémie Dentu; Jeanelle Dundas; LucasAlves Freire; Louise Gullifer; Guilherme Centenaro Hellwig; Masaru Itatani; Andreas Josuran; Hideki Kanda; Klaus Löber;colleagues from Bank Negara Malaysia; Nick McBride; Cristina Elena Moldovan; Florent Nicol; Taiga Okuyama; PanagiotisPapapaschalis; Onenne Partsch; Alina Radut; John Risness; Marcus Paulus Rosa; Arthur Rossi; Jayoung Seo; Yoav Soffer,Bank of Israel; Ploysri Tannirandorn; Elsa Themner; Alexander Tollast; Hans Weenink; Paul Yuen; and Corinne Zellweger-Gutknecht. IMF Legal Department reviewers include Mses. Yan Liu, Carine Antoine Chartouni, Juliana Bolzani, Hue Ting This Note is financially supported by the Government of Japan. Contents I. Introduction .............................................................................................................................................. 1 Definition and Key Features ................................................................................................................... 3Liability of the Central Bank................................................................................................................. 3Availability to the General Public......................................................................................................... 4Inherently Digital.................................................................................................................................. 4Designed to Serve as Money.............................................................................................................. 5rCBDC as Currency ................................................................................................................................ 5Monopoly of Issuance......................................................................................................................... 6Cours Forcé......................................................................................................................................... 6 III. rCBDC Implications on the Legal Mandate of Central Banks.......................................................... 10Legal Foundation to Issue rCBDC as Currency ................................................................................... 10Legal Foundation to Deploy rCBDCs as Payment Platforms ............................................................... 11Ownership and Operation of rCBDC Payment Platforms................................................................. 11Front-End Role by a Central Bank in a Two-Tier rCBDC System..................................................... 12Outsourcing rCBDC Platform Operations to a Third Party................................................................ 13Dual Central Bank Role: Operator and Regulator/Overseer of an rCBDC Platform......................... 14Legal Foundation to Regulate and Supervise rCBDC Service Providers ............................................ 15Regulatory Regime.................................................