ContextWelcome speech at a conference on the legal framework for central bank digital currencies; the BIS serves central banks worldwide and helps them prepare digital money.
Why it mattersCarstens sets four principles that laws must meet before digital public money is issued.
Problems raised
Existing laws are unclear about issuing CBDCs.
Digital money raises privacy and integrity concerns.
Different digital currencies may not work together.
Solutions proposed
Modernise legal frameworks for legitimacy, privacy, integrity and choice.
Coordinate internationally on CBDC law.
Ensure interoperability between digital currencies.
