Third Working Meeting of the Experts’ Group on Central Bank Digital Currencies
From 24 to 26 March 2025, the Experts’ Group (EG) on Central Bank Digital Currencies (CBDCs) held its third working meeting. The meeting was held online, hosted by the Permanent Bureau (PB) in The Hague. It was attended by 29 delegates and other experts, representing 12 HCCH Members and four Observers, as well as by members of the PB of the HCCH.
Pursuant to its mandate (C&Ds No 9-10 of CGAP 2024), the EG made further progress on the study of the applicable law and jurisdiction issues raised by the cross-border use and transfers of CBDCs. During the meeting, participants reviewed the questions posed in an Issues Paper, and discussed matters including the core functions and features of CBDCs that may raise private international law (PIL) issues; possible connecting factors and grounds of jurisdiction, and relevant public policy considerations, among other matters.
The EG also discussed its potential deliverables, including the possibility, in the long term, of a hard law instrument on the applicable law and jurisdiction issues raised by the cross-border use and transfers of CBDCs. The EG agreed by consensus that it should, in the intermediate term, produce a guidance document setting out key PIL considerations of CBDCs, as well as features of the diverse models of CBDCs that would have an impact on PIL. The guidance document would be intended for use by both PIL experts and those involved in the development of CBDCs. The EG discussed a draft structure for the guidance document and agreed on the timeline for its work.
More information on the CBDCs Project is available on the CBDCs Section of the HCCH website.