Central Bank Digital Currency – the Latest Challenge for the Theory of Monetary Law

In the last few years, several central banks, such as Bank of England, Sveriges Riksbank, Bank of Canada, ECB or Central Bank of Russian Federation, considered issuance of a new type of money – central bank digital currency. The monetary law theory distinguishes between three currently existing types of money, i.e. cash, deposit money, and reserves. Each of these types has a special combination of features that make them unique. The monetary law theory, however, has not carried out complex theoretical analysis of the central bank digital currency. In this paper, the Author focused on the theoretical aspects of the new type of money – the central bank digital currency.210729@mail.muni.czResearch fellow at the Department of Financial Law and Economics, Faculty of Law, Masaryk University, Brno, Czech Republic. Ph.D. degree obtained in 2016 after defending the thesis aimed at bank regulation. Since then, he has mainly focused on the area of monetary law and regulation of banks. He has published numerous papers, articles and a few chapters in books on the two topics.Masaryk UniversityBech, M., Garratt, R.: Central bank cryptocurrencies, Quarterly Review no. 9 (2017).Gottschalk, J.: Introduction to Money Creation. International Monetary Fund, 2014. www.imf.org.Engert, W., Fung, B.: Central Bank Digital Currency. Motivations and Implications. Bank of Canada, Staff Discussion Papers no. 16 (2017).Mcleay, M., Amar, R., Ryland, T.: Money Creation in the Modern Economy. London: Bank of England. Quarterly Bulletin no. 1 (2014).Schweigl, J.: Monetary law and “electronic cash“, Daně a finance (Taxes and Finance) no. 3 (2017).Skingsley, C.: Should the Riksbank issue e-krona? Speech of November 16, 2016. www.riksbank.se.38539