This book looks at the new phenomenon of Central Bank Digital Currency (CBDC) with a focus on the launch of the Digital Euro in the European Union. It contains treatment of the subject of CBDC from various perspectives, with each of the authors formulating viewpoints regarding this new phenomenon. It also offers an insightful assessment of the legal status of a central bank digital currency, engaging in the theoretical effort of testing the legal implications of the birth of a digital complement to cash. The chapters focus on the rationale for a digital Euro, its ability to aid financial inclusion, the constitutional foundations of the CBDC, demands of a digital euro on the side of the beneficiaries of the retail payment system, and the “mechanics” of the CBDC in relation to its issuance and governance. It will be of interest to financial services, banking, financial regulation, and monetary policy researchers and scholars alongside lawyers and policymakers.
I. Introduction.- II. Objectives, Rationale, Opportunities versus Main Risks of a CBDC: Principles for a Coherent European Financial Regulation.- III. Central Bank Digital Currency and the Treaty Mandate of the European Central Bank.- IV. The Digital Euro and the EU Framework for Payments.- V. The Demand for CBDC in the Perspective of Existing (Retail) Payment Systems.- VI. Digital Euro and Financial Inclusion Considerations on Trust, the Digital Divide and Financial Literacy.- VII. Governance Issues Concerning the Issuer of CBDC, who Supervises and Controls the CBDC Scheme?.- VIII. Exploring the Impact of the Digital Euro on Euro Area Banks.- IX. Anti-Money Laundering (AML) Implications of Central Bank Digital Currencies (CBDC).
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