engleski

Privately Issued Digital Currencies: Assess- ing EU’s “Two-Pronged” Policy Response to Main Financial Safety Concerns

This chapter examines financial safety concerns that stem from one of the main weaknesses associated with privately issued digital monies – anonymity. As a technology-driven financial innovation, privately issued digital currencies (PIDCs) show benefits that are potentially translatable to EU payments, yet anonymity makes them particularly suitable for various wrongful activities in finance, chief among them moneylaundering. In this respect, PIDCs’ growing transactional appeal as well as events of risk-materialization pressure EU authorities to fully utilize their mandates and work in synergy toward a coherent policy response that will allow technological appropriation in a prudentially sound manner. By focusing on EU regulatory (5 th AML Directive) and monetary response (ECB’s EuroChain initiative) to anonymity, this paper critically examines EU’s “two-pronged” approach to PIDCs, pointing to further policy refinements.

PIDCs ; anonymity ; money laundering ; central bank digital currency

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