Details

From 30 March to 1 April 2026, the Experts’ Group (EG) on Central Bank Digital Currencies (CBDCs) held its fifth meeting. The meeting, held online, had over 45 registered delegates and other experts, representing 14 HCCH Members and six Observers, in addition to members of the Permanent Bureau (PB) of the HCCH.

Pursuant to its mandate (C&D No 10 of CGAP 2026), the EG continued to make progress in its study of the jurisdiction and applicable law issues raised by the cross-border use and transfers of CBDCs, including the desirability and feasibility of a possible future instrument on these issues, with particular attention to their use in payments with a cross-border or international element.

During the meeting, participants continued their discussion of the text of the draft Explanatory Guidance to be developed by the EG. The document is intended to promote legal certainty and understanding for Members of the HCCH involved in the development of CBDCs. The Explanatory Guidance, as a non-binding and informative document, is intended to facilitate a shared understanding between private international law experts, and monetary and technical stakeholders in the design and implementation of CBDCs, while supporting ongoing projects and the development of legal frameworks across jurisdictions.

The EG also discussed the desirability and feasibility of a possible future instrument, and reflected on the extent to which private international law issues identified in relation to CBDCs may arise more broadly in use and context of other digital payment instruments. In this regard, the Explanatory Guidance is expected to provide an important analytical foundation for the consideration of a possible future instrument. The EG will continue with its deliberations at its sixth meeting, to be held in September 2026.

More information on the CBDCs Project is available on the HCCH website.