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Cited by 1European Monetary and Fiscal PoliciesBlockchain Technology Applications and SecurityDigital Transformation in Financial Services

Central Bank Digital Currency: Facilitating its understanding from a comparative global perspective

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Palmstorfer, Rainer, Erbilen, Gülşah·2025·Zeitschrift für europarechtliche Studien
DOI 10.5771/1435-439x-2025-2-210
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Abstract

The aim of this paper is first to elucidate the concept of monetary sovereignty to establish its pivotal significance to the thematic framework of Central Bank Digital Currencies (CBDC). Building upon this analysis, three global players, each with their own distinct approaches and implementations of digital currency, have been selected for a contrastive analysis: The People’s Republic of China with its e-CNY, the United States’ push and pull over a Digital Dollar and, lastly, the ambitions of a Digital Euro in the European Monetary Union (EMU).

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  • CBDCs classified as 'digital M0' establish them as direct, risk-free central bank liabilities, enhancing stability and credibility.

    “CBDCs classified as 'digital M0' establish them as direct, risk-free central bank liabilities, enhancing stability and credibility”

    From From Legal Tender to Prohibition: Competing Paradigms in Central Bank Digital Currency Law (2025) · cites this paper as Palmstorfer and Erbilen, 2025, pp. 210-231

    The Introduction defines a CBDC as a digital instrument that is a direct liability of the central bank, and section C describes it as central bank money. Neither section classifies it as “digital M0” or calls it risk-free; section B discusses maintaining confidence in the monetary system but does not establish the claimed stability and credibility effect of CBDCs. Page numbers are unavailable in our copy. (LLM, conf=0.85)

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  • The paradigm of legal tender and state-led digital integration views CBDC as an essential instrument of state monetary control, positioning it as the digital equivalent of physical cash and seeking to solidify its status through legal frameworks enforcing acceptance.

    “This paradigm views CBDC as an essential instrument of state monetary control, positioning it as the digital equivalent of physical cash and seeking to solidify its status through legal frameworks enforcing acceptance”

    From From Legal Tender to Prohibition: Competing Paradigms in Central Bank Digital Currency Law (2025) · cites this paper as Palmstorfer & Erbilen, 2025, pp. 210-231

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  • These divergent strategies reflect deep policy disagreements over financial privacy, monetary sovereignty, and the structure of the banking system.

    “These divergent strategies reflect deep policy disagreements over financial privacy, monetary sovereignty, and the structure of the banking system”

    From From Legal Tender to Prohibition: Competing Paradigms in Central Bank Digital Currency Law (2025) · cites this paper as Palmstorfer & Erbilen, 2025, pp. 210-231

  • The competing paradigms range from embracing state-issued digital money with legal tender status to outright prohibition in favour of private sector alternatives.

    “The competing paradigms range from embracing state-issued digital money with legal tender status to outright prohibition in favour of private sector alternatives”

    From From Legal Tender to Prohibition: Competing Paradigms in Central Bank Digital Currency Law (2025) · cites this paper as Palmstorfer & Erbilen, 2025, pp. 210-231

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Cited by

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Authors
Palmstorfer, R., & Erbilen, G.
Venue
Zeitschrift für europarechtliche Studien
Publisher
Nomos Verlag
Published
2025
Volume
28
Issue
2
Pages
210-231
ISSN
1435-439X (ISSN-L)
DOI
10.5771/1435-439x-2025-2-210
OpenAlex
W4412140360
Cited by
0
References
0
FWCI
0.00
Type
journal article
Language
en
Open access
Licence
cc-by
Locations
  • Zeitschrift für europarechtliche Studien (publishedVersion, cc-by)
  • DOAJ (DOAJ: Directory of Open Access Journals) (submittedVersion)
Topics
  • Social Sciences › Economics, Econometrics and Finance › Finance › European Monetary and Fiscal Policies
  • Physical Sciences › Computer Science › Information Systems › Blockchain Technology Applications and Security
  • Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Digital Transformation in Financial Services
Keywords
central bank digital currency, monetary sovereignty, e-CNY, digital dollar, digital euro, European Monetary Union

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