First Working Meeting of the Experts’ Group on Central Bank Digital Currencies
In March 2024, the Council on General Affairs and Policy (CGAP) decided to establish an Experts’ Group to study the applicable law and jurisdiction issues raised by the cross-border use and transfers of CBDCs (see Conclusion & Decisions Nos 9 and 10 of CGAP 2024). Following on this decision, the Secretary General of the HCCH convoked the Experts’ Group on Central Bank Digital Currencies (EG on CBDCs) for its first meetings.
Following an online kick-off meeting on 14 May 2024, the first working meeting of the EG on CBDCs was held in hybrid format from 24 to 26 June 2024, hosted by the PB in The Hague. The meeting was attended by 30 delegates and other experts, representing 13 Members and 5 Observers, as well as by members of the PB.
The first working meeting focused on addressing the questions raised in the iterated Scope Paper, as well as some examples of relevant activities surrounding CBDCs. Participants discussed existing typology around CBDCs; connecting factors that should be explored in determining the applicable law; issues relating to the determination of applicable law and jurisdiction that arise where CBDCs are handled, controlled, and / or used by intermediaries; challenges to the determination of applicable law and jurisdiction in relation to the characterisation given to CBDCs; and issues arising from cross-border payments using CBDCs as means of payment. Participants also heard presentations given by other members of the Experts’ Group on work done and practical developments in relation to CBDCs.
Following this meeting, participants have been invited to provide written submissions in response to specific topics selected for intersessional work.
The EG on CBDCs will meet again in November 2024 and will report on the progress of its work to CGAP at its 2025 meeting.