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Private Law

In: Central Bank Digital Currency

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  • Leo Kriese

Abstract

This chapter aims at enquiring fundamental questions of civil law related to CBDC. What is central bank digital currency in civil law, i.e. what is its legal nature? How can central bank digital currency be used in legal relations? How is a digital currency to be treated in individual compulsory enforcement and under insolvency law? Can end-users lend CBDC to banks for them to work with? Since the European private law is only developed in a very fragmented way and does not cover the aforementioned aspects, this chapter analyses paradigmatically the legal situation under the national law of some Member States. It mainly focuses on German civil law but occasionally and briefly outlines the legal situation in Austria and Spain when appropriate. Methodologically, the assessment follows an inductive approach by considering previous findings on comparable crypto-assets and making them fruitful for the mostly very complex problem areas. The chapter concludes that the legal situation for the digital euro is not clear in every regard and that this is detrimental to its usability. Therefore, the chapter further enquires if and how these aspects can be uniformly regulated on the European level and proposes a possible regulatory approach.

Suggested Citation

  • Leo Kriese, 2023. "Private Law," Springer Books, in: Central Bank Digital Currency, chapter 0, pages 97-154, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-44738-9_7
    DOI: 10.1007/978-3-031-44738-9_7
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