This paper examines the impact of central bank digital currencies (CBDCs) on financial stability at the global level and in Georgia, through the prism of legal regulation and institutional mechanisms. In the context of the digitalization of financial markets and the transformation of payment infrastructure, the introduction of CBDCs requires a renewed legal analysis of monetary circulation related legal categories, central bank mandates and financial stability mechanisms.
The paper explores the concept and legal nature of central bank digital currencies, with particular attention given to legal risks such as the role of commercial banks, the protection of financial market participants’ rights, confidentiality and cybersecurity.
The study analyzes international experience in the introduction and legal regulation of CBDCs and assesses the approach of the National Bank of Georgia to the potential implementation of a digital currency. In conclusion, the paper recommends the formation of a comprehensive legal framework that balances innovation and the protection of financial stability in the process of CBDC implementation.
Publication Date: 2026-06-19