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It is ultimately up to the legislator

To summarise, find out if the Central Bank Act already has the mandate to issue a Central Bank Digital Currency (CBDC). It is nevertheless reasonable to consider getting clearer legislation reviews as to regards the Central Bank’s mandate and scope for issuing account-based and Value-based digital currencies is within the Central Bank Act. This assessment should therefore clearly state that the Central bank may receive deposits from both banks and the general public in the case that the Central bank chooses to implement an account-based CBDC and that such deposits may be received even if their purpose does not concern monetary policy.

It is ultimately up to the legislator to decide whether the Central bank shall have room for maneuver, and a future option, to issue an account-based CBDC. In this context, one should consider and investigate whether the central bank digital currency should have the status of legal tender.

Investigation in the legislation concerning the central bank digital currency (CBDC) should be done and thereby putting forward proposals for legal amendments that are in line with what the central bank wants to develop. This could be done during the development phase of the pilot project when the Central Bank (CBCS) has a clear overview of the scope of the project and the CBDC they want to create. The Central bank can consider submitting a proposal to the parliament with a request for the necessary legislative amendments during the platform construction phase.

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This is an agreement between the iSETTLE.ORG protector Foundation ( LEOPOLD VON GULLIOU FAMILY FOUNDATION ) a Private Interest Foundation (PIF) Recorded at the public registry office, at data card 22904, since March 19th, 2007, in the section of Private Interest Foundation. Apostille (The Hague Convention of October 5, 1961) certified in the Ministery of Foreign Affairs on March 23rd, 2007. Under Number: 133745/A  ( “iSETTLE.ORG”, “we”, “us”, or “our”) and you (together with iSETTLE.ORG, the “Parties” and each a “Party”). By using any iSETTLE.ORG service, whether through isettle.org, any associated website, API, or mobile application, you agree that you have read, understood, and accept all of the terms and conditions contained herein (the “User Agreement”), as well as our Privacy Policy.

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