L'indipendenza delle banche centrali alla prova delle central bank digital currency

Central banks have played an essential role in being an instrument and solution to the financial and economic crises that have occurred with increasing frequency. The institutional framework in which they operate, together with their operational capacity and agility of action, has frequently erected them as a privileged instrument of intervention for the public authority in the financial markets, particularly in hybrid contexts that cannot always be examined through a legal system codified according to established criteria and principles. This study focuses on the implications of such reconsideration in relation to the possible introduction of central bank digital currencies (CBDCs). In particular, the implications are manifold and concern both the technological profile and the choice of the implementation solution to be adopted, assessments of an economic nature relating to the potential impact on financial stability and the payments system, including issues of interoperability between digital currencies, and the adequacy of the legal framework of reference.