Fourth Working Meeting of the Experts’ Group on Central Bank Digital Currencies
From 17 to 19 September 2025, the Experts’ Group (EG) on Central Bank Digital Currencies (CBDCs) held its fourth meeting. The meeting, held in hybrid format, had close to 45 registered delegates and other experts, representing 16 HCCH Members and seven Observers, in addition to members of the Permanent Bureau (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 discussed the first draft of the Explanatory Guidance to be developed by the EG, as agreed at its previous meeting. The document is intended to promote legal certainty and understanding for Members of the HCCH involved in the development of CBDCs. The Explanatory Guidance will be non-binding and have an informative purpose, seeking to facilitate discussions between private international law experts and monetary experts in the interested jurisdictions while supporting the development of ongoing projects and legal frameworks. At the same time, the Explanatory Guidance will lay the foundation for, and point toward, the development of a future binding international instrument.
More information on the CBDCs Project is available on the CBDCs Section of the HCCH website.