The E-Banknote as a 'Banknote': A Monetary Law Interpreted
Oxford Journal of Legal Studies, Forthcoming
44 Pages Posted: 5 May 2021 Last revised: 28 Jun 2021
Date Written: May 3, 2021
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.
Keywords: banknote, e-banknote, digital currency, CBDC, cryptocurrency, central bank, ECB, legal tender, monetary law
JEL Classification: E40, E42, E51, E52, E58, G21, G28, H41, H44, K00, K23, O33, O52
Suggested Citation: Suggested Citation