중앙은행 디지털 통화(CBDC)의 법적 과제

Abstract

Although there is no clear definition of the word digital currency, it generally refers to a currency converted into digital data rather than banknotes, money, or an expression of value as digital data. Digital money is also called electronic money, and since the mid-2010s, digital currency (digital money) has been used as a generic term for a new type of currency rather than the digitalization of existing values ​​(electronic money, prepaid card, bank account, etc.) and the word digital currency has become common. This paper discusses legal issues related to digital currencies issued by central banks among the contents related to digital currencies. The increased use of CBDCs and global tablecoins (GSCs) across borders will have complex interactions with macro-financial effects. The digitalization of money and payments has the potential to have a shock to the organization of the international financial system. Due to recent digital technology break-through or cost reduction, access to payment methods used only by financial institutions (such as real-time remittance of balances managed by central banks) has dramatically improved for individuals and businesses. As a result, the current situation of international currencies connecting the world’s banking systems in different places or time zones has the potential to be reconstructed. The central bank that decides to issue a CBDC can achieve internationalization of its currency and there is a possibility to do its status as a key currency in some cases, but it is likely to increase the volatility of capital flows as CBDCs are used abroad, complicating their own financial policies. Overall, since CBDC is only a digital form of the existing fiat currency, it does not qualitatively change the economic power leading to the international use of the currency, but quantitatively it has the potential to strengthen the incentives behind currency substitution and internationalization of currency. Considering such a situation, this paper clarified and reviewed major legal issues surrounding central bank digital currency (CBDC). First, as a premise for the review, the issuance form of CBDCs is specifically assumed, and four models are assumed. Then, issues under the Banking Act such as “can the central bank issue CBDCs” or issues related to legality and general acceptability? the issues surrounding transaction conditions such as restrictions on the scope of users of CBDCs were reviewed. In addition, based on the viewpoint of anti-money laundering and personal information protection, the issues surrounding the acquisition of information through the issuance of CBDCs were reviewed, and judicial issues such as responses to counterfeiting and duplication and the relationship between CBDCs and currency counterfeiting were also reviewed. According to the results of the study, it was confirmed that the legal issues to be considered regarding the issuance of CBDCs span a wide range of fields. Referring to the summary of legal issues in this paper, it is expected that the discussion on CBDC will deepen.