La regolazione del design dell’Euro digitale e il suo impatto su pagamenti, privacy e inclusione finanziaria.

Abstract

The study aims to analyze the issues created in the fields of payments, privacy and financial inclusion by an hybrid money, like the digital Euro, which combines the features of scriptural money with the legal tender of public money. With reference to the first profile, it is underlined the need for a clear regulation of the relationship between the digital and the material form of public money, in order to ensure certainty of commercial traffic and avoid regulatory arbitrage. It is then argued that the level privacy granted to citizens versus ECB will be greater than that granted by ordinary electronic payment systems thanks to the use of technologies linked to DLT. Finally, it is noted that, in order to avoid the increase of digital divide and financial exclusion, both a rethinking of the regulation on payment services, that take into account vulnerable users needs, and form of public compensations to bear the costs of financial inclusion are needed. Given the current positioning of European Commission and ECB, according to the study digital Euro will have a little impact on privacy, payments and financial inclusion and is likely to lack of competitiveness towards others central bank digital currencies