Monitor Prawniczy
no. 8/2025
Electronic money tokens and the digital euro - legal nature and regulatory challenges of new forms of digital money
DOI: 10.32027/MOP.25.8.12
Autor jest adiunktem w Zakładzie Administracyjnego Prawa Gospodarczego i Bankowego Uniwersytetu Warszawskiego; kierownikiem Centrum Regulacji Usług i Technologii Finansowych WPiA UW. Prezes Fundacji Future Finance Poland
Abstract
The article offers a comparative analysis of two forms of digital money being developed in the European Union: the digital euro (CBDC), as a public central bank currency, and electronic money tokens (EMTs), a type of stablecoin issued by private entities. The author argues that despite serving similar payment functions, EMTs and the digital euro differ fundamentally in their legal nature, issuance model, distribution structure, legal status, value stabilization mechanisms, and regulatory regimes.
The digital euro constitutes an unconditional liability of the central bank and is granted the status of legal tender. In contrast, EMTs-formally recognized as electronic money-remain private instruments governed simultaneously by MiCA, EMD2, and PSD2.
The article identifies key regulatory challenges stemming from the dual legal nature of EMTs, the lack of interoperability between legal frameworks, and the need to reconcile competitive neutrality with technological innovation. It also highlights the importance of a clear division of roles between public and private money in ensuring the stability of the EU financial system.
Keywords
digital euro, electronic money tokens (EMTs), stablecoins, central bank digital currency (CBDC), money issuance, digital currency distribution, means of payment, payment service, electronic money, digital assets, PSD2, EMD2, MiCA
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