This article discusses whether electronic banknotes can properly be characterised as ‘banknotes’, their design as such and what architectural models are available for their issuance by central banks. Issues are addressed under general principles governing the interpretation of monetary laws in the context of evolving technologies and institutional arrangements. The article proposes a clear terminology to address the concepts underlying digital currencies and access to central bank money, and argues that a banknote may be ‘written’ electronically. The stance adopted in the article is critical of both account-based retail central bank digital currency and cryptocurrencies, and highlights the salient features of non-blockchain token-based alternatives. It sheds light on the considerations that influence the selection of a design that is appropriate from both the functional and legal perspectives.

中文翻译：

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作为“钞票”的电子钞票：解读货币法

本文讨论了电子纸币是否可以被恰当地描述为“纸币”，它们的设计本身以及中央银行可以使用哪些架构模型来发行它们。在不断发展的技术和制度安排的背景下，在管理货币法解释的一般原则下解决了这些问题。这篇文章提出了一个明确的术语来解决数字货币和获取中央银行资金的基本概念，并认为纸币可能是电子“书写”的。文章中采用的立场对基于账户的零售中央银行数字货币和加密货币都持批评态度，并强调了非区块链基于代币的替代品的显着特征。