FROM LEGAL TENDER TO PROHIBITION: COMPETING PARADIGMS IN CENTRAL BANK DIGITAL CURRENCY LAW

Filippo Zatti

doi:10.56461/SPZ_25402KJ

Autori

Filippo Zatti Vanredni profesor ekonomskog prava, Odeljenje za ekonomiju i menadžment, Univerzitet u Firenci; naučni koordinator BABEL-a (Blockchain i veštačka inteligencija za biznis, ekonomiju i pravo) i akademski saradnik EBI. https://orcid.org/0000-0002-1528-3045

DOI:

https://doi.org/10.56461/SPZ_25402KJ

Ključne reči:

digitalna valuta centralne banke (CBDC), zakonsko sredstvo plaćanja, monetarna suverenost, finansijska privatnost, pravna poželjnost.

Apstrakt

Do 2025. godine, zakonodavne intervencije u oblasti digitalnih valuta centralnih banaka (CBDC) širom sveta bile su uglavnom usmerene na omogućavanje njihove emisije dodelom statusa zakonskog sredstva plaćanja i definisanjem regulatornog okvira. Američki zakon o zabrani i kontroli digitalnih valuta centralnih banaka (Anti-CBDC Surveillance State Act, S. 1124) predstavlja temeljan zaokret te paradigme: od zakona baziranog na omogućavanju do zabrane. U ovom članku ispituje se zašto bi suverena vlast donosila zakone protiv sopstvenih monetarnih ovlašćenja i predlaže se koncept „pravne poželjnosti“ kao neophodan analitički okvir. Pravna poželjnost podrazumeva sistematsku evaluaciju kroz pet dimenzija, uključujući pravnu nadležnost, tehnološko upravljanje, upravljanje rizikom, institucionalni dizajn i operativnu otpornost, koja je filtrirana kroz varijable specifične za datu jurisdikciju, uključujući kontekst platnih sistema, ustavnu tradiciju i ciljeve politike. Ovaj okvir objašnjava kako jurisdikcije koje primenjuju identične analitičke kriterijume mogu racionalno da dođu do suprotnih zaključaka. Odluka Sjedinjenih Američkih Država da se trilema privatnosti, sprečavanje pranja novca i finansiranja terorizma ne može rešiti unutar ustavnih ograničenja nije dovela do odbacivanja inovacija u domenu digitalnog novca, već do alternativnog okvira u kojem se promovišu regulisani privatni stabilni novčići (stablecoins). U članku su identifikovane dve suprotstavljene koncepcije monetarne suverenosti koje leže u osnovi ovog raskola – suverenost kao moć države u odnosu na suverenost kao ustavna ograničenja – i ispitane su implikacije u pogledu doktrine zakonskog sredstva plaćanja, nezavisnosti centralne banke i sistema višestrukih oblika digitalnog novca koji je u nastanku.

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