La valuta digitale della Banca Centrale tra funzione monetaria e tutela del risparmio

The rise of cryptocurrencies in the form of Bitcoin and, more recently, Stablecoins, threaten to alter that role of Central Banks, inspiring them to reflect about the merits of issuing Central Bank Digital Currencies (CBDC) accessible to the broad public. In such a context, this paper aims to investigate how the issuance of Central Bank Digital Currencies (CBDC) can affect the traditional functions of the European Central Bank. First of all, after briefly recalling some recent declinations of the principle of full reserve banking, whose effects seem to be realized by the adoption of CBDC, a legal framework of the proposals aimed at introducing this form of currency at European level will be offered. In particular, questions will be raised about the effective competence of the ECB to introduce such a radical form of innovation, aimed at profoundly affecting not only the exercise of its powers but also the same functions traditionally reserved for commercial banks. Then, the paper will dwell upon the risks involved in the implementation of CBDC, concluding that the adoption of such currencies would go beyond the powers attributed to the Central Bank by the European Treaties, aimed at guaranteeing price stability and the correct functioning of the market.