“CBDC is not a well-defined term. It is used to refer to a number of concepts. However, it is envisioned by most to be a new form of central bank money. That is, a central bank liability, denominated in an existing unit of account, which serve both as a medium of exchange and a store of value. “
The IMF published a working paper on the legal aspects of CBDCs.
The paper addresses an important matter which is the difference between money and currency.
“Currency” can be defined as the official means of payment of a State/monetary union, recognized
as such by “monetary” law. Most monetary laws reserve currency status to banknotes and coins,
issued by the central bank (or coins issued by the State).
The IMF refers to Amsterdamse Wisselbank which was argueably the first central bank. The legal distinction between accounts and just tokens is fundamental. Account holders will have balances.
There are many more points, in the 51 page document.