Year: 2024
Type: article
Abstract: In an environment where more than half of the states in the world aim to issue their own digital currencies, it is important to determine the law applicable to central bank digital currencies. One of the reasons that led to the emergence of CBDCs, a digital form of fiat currency issued by the central bank, is their ability to facilitate cross border transactions, which also introduces the element of foreignness when CBDCs are used in cross border transactions. Because CBDCs do not have physical existence like paper money and are intangible, the law applicable to disputes regarding CBDCs also varies. The most appropriate solution in terms of applicable law in CBDC related proprietary disputes is to determine the law of the state where the issuer has its statutory seat as the applicable law, unless a choice of law has been made in the digital asset itself or in the system in which it is recorded. In disputes between intermediaries and end users, the most appropriate solution would be to determine the applicable law in the agreements between them.
Source: DergiPark (Istanbul University)
Author: Arıkan, Gökçe
Institution: Balıkesir University
Language: English
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W6992683159
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