Dear Mr. Kiff,

thank you for your response. Indeed, the SOV project by the RMI does not consistute a CBDC if being very precise as it is not a claim on the (non-existing RMI) central bank. However, it could be classified as a public digital currency developed by a private, public partnership with the goal of being legal tender.

Therefore, we added the following disclaimer in the initial version of the article:

“Whereas all the presented CBDC projects would be digital variants of an existing currency, constituting central bank liabilities, the SOV would be a new, state-backed digital currency. Albeit legal tender, the SOV would not be a liability of a central bank — also as the RMI does not have an own central bank — and hence would strictly speaking not qualify as a CBDC.”