Clifford Chance

Central Bank Digital Currencies and the Theory of Money

5 July 2021

The development of Central Bank Digital Currencies (CBDCs) – a digital representation of fiat money issued by a central bank – has been accelerated by COVID-19 and the resulting shift to digital payments.

In this briefing, we consider the different approaches being taken by central banks globally, including the digital euro, renminbi and dollar, what practical adoption of CBDCs may look like, the legal structures that might be employed and the consequences for businesses.

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