![]() clarified rules on the law governing dematerialized securities. As things stand, even if a country can create a CBDC that works within its current, domestic legal scheme - itself no small task - the cross-border capabilities inherent in CBDCs mean that a clear, international legal and regulatory path still needs to be found to allow for their widespread adoption.įortunately, much can be accomplished under existing laws around the world. Some countries may view the development of their own CBDCs as creating a competitive advantage over other countries, further undercutting attempts at an agreed-upon legal framework. Legal and regulatory systems can take very different views of how to treat them, and the ensuing confusion creates opaqueness and possible legal and regulatory challenges. This leaves us with no agreement on what these forms of currency actually are and how they are regulated. However, these domestic measures address matters in isolation, which is not the same as creating a global CBDC system that is workable and safe. ![]() There is thoughtful discussion on how to regulate cryptocurrency issuers, and some nations, such as Germany and Liechtenstein, are developing regulations for crypto trading. The OECD and IOSCO have noted the lack of global consensus on regulating crypto tokens. However, there is currently no meaningful international agreement on such matters. Ideally, authorities would address, on the international plane, the critical unresolved issues of how to secure clear legal and regulatory arrangements for CBDCs. The most significant concerns, however, are law and regulation.
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