Digital Assets and the Law: Fiat Money in the Era of Digital Currency (Routledge-Giappichelli Studies in Law)

Cover
Half Title
Title Page
Copyright Page
Dedication
Table of Contents
List of figures and tables
List of acronyms and abbreviations
Editors and Authors
Acknowledgements
Preface
Part I Overview
	Chapter 1 A History of Central Bank Digital Currency and the Money Monopoly
		1.1 CBDCs defined
		1.2 The evolution of CBDCs
		1.3 The money monopoly
		1.4 Conclusion: The money monopoly and CBDC
	Chapter 2 The Technological Factor in the Conception of Central Bank Digital Currencies
		2.1 Introduction
		2.2 Technological choices
		2.3 Cash versus CBDC
		2.4 CBDC opportunities
		2.5 Conclusions
Part II Central Banking and Monetary Economics in the Digital Currency Era
	Chapter 3 Monetary Sovereignty in the Digital Currency Era
		3.1 Introduction
		3.2 Notions
		3.3 Government and money
		3.4 Risks to monetary sovereignty
		3.5 Policy recommendations
		3.6 Conclusion
	Chapter 4 Central Bank Digital Currencies: A New Nexus Between Central and Commercial Banks?
		4.1 CBDCs, a game changer for the relationship between central and commercial banks?
		4.2 The Bahamas sand dollar or the challenges of introducing a general, domestic, two-tier, permission-based CBDC
		4.3 The design choices of CBDCs are a crucial determinant of the potential impact on the banking architecture
		4.4 Conclusion
	Chapter 5 Unlocking the Potential of Central Bank Digital Currencies in Developing Countries
		5.1 Introduction
		5.2 Financial exclusion vs financial inclusion: Existing trends of innovative financial services in developing countries
		5.3 The transformative potential of technology in promoting financial inclusion: From mobile money to CBDC
		5.4 CBDC’s promise of accelerating financial inclusion: Capitalising on existing infrastructure to adopt, distribute, and scale CBDC
		5.5 Promoting financial inclusion in a CBDC economy: A digital currency ecosystem as the primer
		5.6 Looking ahead: Additional macroeconomic challenges for developing countries hindering CBDC’s success
	Chapter 6 A Universal Stablecoin to Rule Them All?
		6.1 Foreword
		6.2 The risks posed by the euro area monetary system and its regulatory framework
		6.3 A multi-currency stablecoin issuance
		6.4 A single-currency, e-money issuance
		6.5 What comes next? Improving the regulatory framework
		6.6 Conclusion
Part III The Central Bank Digital Currencies in the Mirror
	Chapter 7 Implications of the Digital Euro for Monetary Policy Transmission Outside the Euro Area
		7.1 Motivation
		7.2 Overview of digital euro designs
		7.3 Monetary policy implications
		7.4 Cross-border payments
		7.5 Euroisation: Point of concern or an opportunity?
		7.6 Conclusion and policy discussion
	Chapter 8 Digital Euro: Issued by Commercial Banks, Digitally Transforming the Industry
		8.1 Motivation
		8.2 Forms of the digital euro
		8.3 Digital euro issued by commercial banks
		8.4 Digital transformation driven by the digital euro
		8.5 Outlook and conclusion
	Chapter 9 How To Design a Private and Compliant Central Bank Digital Currency?
		9.1 The CBDC landscape
		9.2 Why privacy matters for CBDC
		9.3 Privacy and compliance
		9.4 A detailed proposal
		9.5 Conclusion
	Chapter 10 Beyond Central Bank Digital Currencies: Lessons from Japan’s experience
		10.1 Introduction
		10.2 Overview of Japan’s payment, clearing, and settlement
		10.3 Recent initiatives for next-generation FMIs
		10.4 Medium- to long-term strategy for next-generation FMIs
		10.5 Conclusion
Part IV Digital Currencies, Cryptocurrencies, and Stablecoins: Fiat Money and Legal Tender
	Chapter 11 The Applicable Laws to Cross-Border Payments in Central Bank Digital Currencies: The Late Lex Monetae or Long Live the Lex Monetae?
		11.1 Premise
		11.2 The concept and scope of the lex monetae
		11.3 The interaction between the lex monetae and other laws applicable to a cross-border payment
		11.4 The resurgence of the lex monetae within CBDCs: A new digital lex monetae?
	Chapter 12 ‘Legal tender’ and Central Bank Digital Currency
		12.1 Changes in legal tender
		12.2 The role of digital currency in shaping a new banking and payment system
		12.3 The legal dimension of digital monies issued (or not) by a central bank
		12.4 Some final considerations
	Chapter 13 A European Central Bank Digital Currency under German Law
		13.1 Status quo
		13.2 The legal nature of CBDC under German law
		13.3 Legal regulation of CBDC under German law
		13.4 Future questions
		13.5 Conclusion
	Chapter 14 The Digital Loonie: The Legal Framework for a Central Bank Digital Currency in Canada and Beyond
		14.1 Introduction
		14.2 Background: The loonie through the years
		14.3 Implementing the digital loonie
		14.4 The potential risk of non-digitisation
		14.5 Considerations for a digital loonie
		14.6 Conclusions
	Chapter 15 The Evolution of the Finality of Payment or ‘How RTGSs, Instant Payment Systems, and DLT Platforms Change the Concept of Money’
		15.1 The concept of finality and its historical evolution
		15.2 The principle of settlement finality
		15.3 Frameworks and legislations about digital assets
		15.4 The extension of the doctrine of finality to digital assets
		15.5 Law in the making: Digital assets
		15.6 A temporary conclusion
	Chapter 16 Central Bank Digital Currencies and the European Framework for Payments: Friends or Foes?
		16.1 Introduction
		16.2 A primer on digital euro design choices
		16.3 The digital euro and payments: Trade-offs and policy choices
		16.4 The digital euro and the European regulatory framework for payments
		16.5 The digital euro and payments oversight function
		16.6 Conclusions
	Chapter 17 The Digital Euro, Stablecoins, and the Banking Sector
		17.1 Introduction
		17.2 The digital euro: Why now?
		17.3 The digital euro and risks for the banking system
		17.4 Stablecoins, MiCA, and the banking sector
		17.5 Conclusion
Part V Towards the Uncharted Times of the Digital Assets Era
	Chapter 18 Decentralised Finance and Capital Markets Regulation
		18.1 Decentralised finance, capital markets regulation, and CBDC: The aim of this chapter
		18.2 Benefits and risks of DeFi and different levels of decentralisation
		18.3 ‘Decentralised DLT’ systems: Their multi-layered structure and governance implications
		18.4 DLT networks and EU capital markets regulation: Existing laws
		18.5 The EU regulation of decentralised DLT systems
		18.6 Decentralised networks: A new type of business organisation deserving new rules?
		18.7 Conclusions: Decentralisation, regulation, and insights for CBDCs
	Chapter 19 Central Bank Digital Currencies: What Future for Banks and Other Financial Intermediaries?
		19.1 Introduction
		19.2 A memo on how central and commercial banks create money
		19.3 The CBDC and the new monetary theories
		19.4 Direct, indirect, or hybrid CBDC
		19.5 Remuneration and limit holdings of CBDCs
		19.6 Some CBDC projects around the world
		19.7 Some final remarks
	Chapter 20 Beyond Digital Assets: What is Next for Money and Payments?
		20.1 Introduction: Fiat, legal tender, official currency, what else?
		20.2 Sovereignty and seigniorage in the digital currency era
		20.3 Interoperability, sovereignty, and finality
		20.4 Emission rights as digital assets
		20.5 The digital euro and payment privacy
		20.6 Some final ‘tips’
Index