Document Type

Article

Publication Date

2021

Source Publication

Oxford Journal of Legal Studies 41:4, 1119 – 1148

Keywords

banknote, electronic banknote, digital currency, CBDC, cryptocurrency, centrally issued digital currency, central bank, ECB, NCB, ESCB, legal tender, monetary law

Abstract

The article discusses whether an electronic banknote is a ‘banknote’. The issue is dealt with as a matter of general statutory interpretation in the context of evolving technologies and institutional arrangements. The article proposes a clear terminology to address concepts underlying digital currencies and access to central bank money and argues that a banknote may be ‘written’ electronically. The article is critical of both account-based Central Bank Digital Currency (CBDC) and cryptocurrencies and highlights features of nonblockchain token-based alternatives. It sheds light on considerations affecting the selection of a design which is appropriate from both a functional and legal perspective and addresses architectural models for the issuance of e-banknotes.

Comments

Unedited pre-print draft version.

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