The economic law of (central bank) digital currency

The digital transformation of money has raised concerns about how it affects sovereignty. The rise of cryptocurrencies and the possibility of global payment systems based on stablecoins and digital currencies issued by central banks require a re-evaluation of the effects of these changes on the concept of money as a public good and legal tender. The analysis will start focusing on this experience and its implications to shift to the case where a cryptocurrency is used as a central bank currency. Then an attempt will be made to frame the distinctive features of a digital currency issued by a central bank.