Central Bank Digital Currencies (CBDC): Risks, Opportunities, Monetary Policy, and Social Implications

This paper analyzes the architectural choices and economic implications of introducing Central Bank Digital Currencies (CBDC), focusing on the Digital Euro project. The study examines the three fundamental design pillars – operational architecture, technological infrastructure, and access method – demonstrating that the hybrid (two-tier) model is emerging as the preferred approach. Special attention is paid to the impact on monetary policy and the risks of banking disintermediation. By viewing the analysis through the lens of the history of economic thought (Smith, Hayek), the article critically investigates the transition from decentralized market knowledge to instruments of algorithmic centralism, while seeking the junction point of technology as a supporting element of the dynamic balance between individual pursuit and systemic stability. The primary thesis is that while the introduction of CBDCs is an imperative step toward preserving monetary sovereignty, it is also a risky endeavor that, through tools such as holding limits and zero remuneration, transforms money from a medium of free exchange into a mechanism for social control. The article concludes that the technological evolution of the financial system carries the risk of social devolution, replacing market autonomy with the "visible hand" of digital mercantilism and algorithmic determinism.