On Friday, the International Monetary Fund published a new working paper on central bank digital currencies, or CBDCs, and their legal ramifications.
In the paper, researchers including IMF legal counsel Wouter Bossu and Catalina Margulis argue that current frameworks are inadequate for issuing public-facing CBDCs. The researchers are particularly concerned about how existing definitions of money can apply to such a new technology, but, optimistically, suggest the problem is simple enough to fix: