New research from the International Monetary Fund suggests that need new legal definitions for them to issue digital currencies as current frameworks are inadequate for issuing 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. Central banks around the world are currently exploring CBDCs.
The research also questions whether the monopoly that most central banks enjoy in the issuance of fiat currencies is reasonable enough, except that they seem to be suggesting rendering private fiat-pegged stablecoins illegal.
The IMF research also notes that the issuance of private digital tokens that are similar to CBDCs could give rise to very much the same problems, including a severely disrupted monetary system, caused in the 19th century by the issuance of banknotes by private banks.