Redefining Money—Evolving Legal Frameworks in the Token Economy
The introductory roundtable, chaired by Professor Christos Gortsos, examined the evolving landscape of digital money, with a focus on Central Bank Digital Currencies (CBDCs), stablecoins, and the legal frameworks governing them. Discussions addressed the scope and limitations of the EU’s MiCA regulation, the interplay between monetary law and crypto regulation, and the challenges of applying traditional legal concepts—such as lex monetae and legal tender—to new digital instruments.
The debate also examined private-sector initiatives, such as Germany’s Commercial Bank Money Tokens (CBMTs), as potential complements or competitors to CBDCs. Cross-border legal uncertainty, financial inclusion, monetary sovereignty, and the geopolitical implications of digital currency strategies were among the key themes. The roundtable concluded with a shared recognition that money is not static but a dynamic, contested technology shaped by legal, political, and technological change.
“Shouldn't we redefine money in a broader way and say everything which has functional monetary value is money, but redefine not the money but legal tender in a more narrow way?”
— Rolf H. Weber
“My perspective here, summarising, is that we have at least the chance of complementarity instead of competition. So we have the private answer, for example, in a CBMT concept and the CBDC concept as the public money answer.”
— Sebastian Omlor
“The metaphysical question is, is the regulation of CBDC in this context a matter of crypto law, or is it a matter of monetary law? Because I'm thinking this is really the main question.”
— Dirk Zetzsche