Abstract

Since 2020, there has been a significant growth of involvement of central banks in the world regarding research on the issuing of the central bank digital currency (CBDC), mostly as a digital equivalent of cash. Deliberations regarding CBDC are multifaceted in nature. Their pillar should be effective regulations. It is worth considering whether the legal standing provides grounds for the implementation of the central bank digital currency. That is a basic aspect of deliberations which leads to the necessity to pose questions regarding the character and nature of the currency. CBDC is a currency of which the issuer would be the central bank; therefore, the analysis will also cover the role of the central bank as the issuer and its responsibility for the shaping and implementing monetary policy. Issuing CBDC in the current Polish legal order would dematerialize the currency.
Technological progress contributed to profound changes, mostly in private law. However, it should be noted that it also has a significant impact on public law, especially in the context of functioning institutions which fulfill specific duties. Legal changes on the EU level, growth of digitalization, development of artificial intelligence and development of the cryptocurrency market have influenced the view on the concept of “currency.”
The purpose of the present article is to point out the issue of implementing the central bank digital currency in Poland from the perspective of the financial market. For this purpose, the author paid special attention to the concept of “currency” and its legal framework. Next, she attempted to classify the “forms” of currency and assign a place for CBDC within that scope. Moreover, the purpose of the research for the article is to demonstrate the consequences of issuing a digital currency of the NBP from a systemic perspective with reference to functioning institutions, such as the Polish Financial Supervision Authority and the Bank Guarantee Fund. To accomplish her objective, first and foremost, the author used the legal-dogmatic method as a research method.