IMF-中央银行数字货币的法律考量（英）

NOTE/2025/006 Selected Legal Considerations for Central Bank Digital Currencies Marianne Bechara, Adrian Dumitrescu-Pasecinic, and Tomoyuki Kubota FINTECH NOTE Selected Legal Considerations for Central Bank Digital Currencies Prepared by Marianne Bechara, Adrian Dumitrescu-Pasecinic, and Tomoyuki Kubota November 2025 ©2025 International Monetary Fund Selected Legal Considerations for Central Bank Digital Currencies Note 2025/006 Prepared by Marianne Bechara, Adrian Dumitrescu-Pasecinic, and Tomoyuki Kubota *† Cataloging-in-Publication Data IMF Library Names: Bechara, Marianne, author. | Dumitrescu-Pasecinic, Adrian, author. | Kubota, Tomoyuki, author. | International Monetary Fund, publisher. Title: Selected legal considerations for central bank digital currencies / Marianne Bechara, Adrian Dumitrescu-Pasecinic, and Tomoyuki Kubota Other titles: Selected legal considerations for CBDCs. | Fintech note. Description: Washington, DC: International Monetary Fund, 2025. | Nov. 2025. | NOTE/2025/006. | Includes bibliographical references. Identifiers: ISBN: 9798229028004 (paper) 9798229028257 (ePub) 9798229028134 (WebPDF) Subjects: LCSH: Digital currency—Law and legislation. | Digital currency—case studies. Classification: LCC HG1710.B4 2025 DISCLAIMER: Fintech Notes offer practical advice from IMF staff members to policymakers on important issues. The views expressed in Fintech Notes are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. RECOMMENDED CITATION: Bechara, Marianne, Adrian Dumitrescu-Pasecinic, and Tomoyuki Kubota. 2025. “Selected Legal Considerations for Central Bank Digital Currencies.” IMF Fintech Note 2025/006, International Monetary Fund, Washington, DC. Publication orders may be placed online or through the mail: International Monetary Fund, Publication Services P.O. Box 92780, Washington, DC 20090, U.S.A. T. +(1) 202.623.7430 publications@IMF.org IMFbookstore.org elibrary.IMF.org * This Note has benefited from comments from IMF staff and Julio Baquero Cruz; Manuel Baschung; Nuntapun Bhensook; Susanne Bohman; Ross P. Buckley; Tim Chung; Assaf David-Margalit, Bank of Israel; Noémie Dentu; Jeanelle Dundas; Lucas Alves Freire; Louise Gullifer; Guilherme Centenaro Hellwig; Masaru Itatani; Andreas Josuran; Hideki Kanda; Klaus Löber; colleagues from Bank Negara Malaysia; Nick McBride; Cristina Elena Moldovan; Florent Nicol; Taiga Okuyama; Panagiotis Papapaschalis; Onenne Partsch; Alina Radut; John Risness; Marcus Paulus Rosa; Arthur Rossi; Jayoung Seo; Yoav Soffer, Bank of Israel; Ploysri Tannirandorn; Elsa Themner; Alexander Tollast; Hans Weenink; Paul Yuen; and Corinne Zellweger-Gutknecht. IMF Legal Department reviewers include Mses. Yan Liu, Carine Antoine Chartouni, Juliana Bolzani, Hue Ting Chong, and Messrs. Brian David Patterson, Bernhard Steinki, Alessandro Gullo, Mario Tamez, Donato Messineo. Of course, any mistakes, erro