Global Digital Finance (GDF) group has recently published a report about issuance of digital currencies. Report aims to provide a framework and recommendations for the global policymaking community on the public policy choices, practical realities, and challenges of deploying a “digital dollar” or public “digital wallet” infrastructure.
GDF notes that since the rise of the COVID-19 pandemic, cash circulation has dropped significantly in many economies, digital payment types have increased, and the focus on efficient, fair and transparent payments has become high profile in all areas of the economy.
It is widely believed that Central Bank Digital Currencies (CBDCs) could be the answer for a secure and digital direct payment mechanism. In light of that, 48 countries have already researched, piloted, developed, or launched CBDC projects as of August 2020. Report discusses CBDCs in the greater context of cryptocurrency and stablecoin developments, the digital wallets in which they are held, and policy and security considerations that are key to successful implementation.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances
Prepared by attorney at law Inga Karulaitytė and legal assistant Vilius Neverdauskas