Central Bank Digital Currency – the Latest Challenge for the Theory of Monetary Law

Abstract

In the last few years, several central banks, such as Bank of England, Sveriges Riksbank, Bank of Canada, ECB or Central Bank of Russian Federation, considered issuance of a new type of money – central bank digital currency. The monetary law theory distinguishes between three currently existing types of money, i.e. cash, deposit money, and reserves. Each of these types has a special combination of features that make them unique. The monetary law theory, however, has not carried out complex theoretical analysis of the central bank digital currency. In this paper, the Author focused on the theoretical aspects of the new type of money – the central bank digital currency.