Legal certainty: the Achilles’ heel for CBDCs?

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Central banks appear to be in a poor state when it comes to having clear legal authority to issue retail central bank digital currencies (CBDCs), despite all the frenetic activity in this area during the past five years. The Central Banking Fintech Benchmarks 2022 found that 61% of 31 respondent central banks said they did not have a legal mandate to issue a CBDC. The latest Bank for International Settlements’ CBDC survey had similar findings, with 65% out of 81 respondents potentially not

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