CENTRAL BANK DIGITAL CURRENCY AS NEW PUBLIC MONEY

This article explores the concept of central bank digital currency (CBDC) and its implications for individual economic rights. It argues that CBDC weakens the bundle of rights individuals have with traditional forms of public money. The article examines the economic function of money and its legal framework, highlighting the role of the state in supporting and regulating money. It discusses the different forms of money, including physical currency and bank-issued money, and how they are transferred and store value. The article also explores the implications of CBDC for the Federal Reserve's independence, the power of the presidency over money, and international monetary law. It concludes by emphasizing the need for a public conversation and legal guidance on the implementation of CBDC to protect individual rights.