Value as Property: Private Law Integration of a Digital Currency

Abstract The European Union’s exploration of a central bank digital currency, the “digital euro”, marks a pivotal development in the evolution of digital money and monetary infrastructure. Envisioned as a new form of legal tender, issued by Eurosystem central banks and distributed by private intermediaries, the digital euro raises fundamental legal questions both from a public and a private law perspective. As regards the latter, it is increasingly suggested to recognize the digital euro as “property” and to embed this decision within legislation at the EU level. Whilst this classification reflects a broader trend in the treatment of cryptoassets and digital money, it remains conceptually underdeveloped. In particular, the classification itself only serves as a starting point for the digital euro’s further legal integration, which must navigate the tension between the limits of EU competences and ensuring the uniform treatment of the single currency’s digital version. This paper seeks to address both issues, further contouring the digital euro as “property” within the boundaries of EU competence. It will be developed that clarifying transfer modalities for the digital euro, recognising its character both as a new payment asset and a new payment system, offers a practical path toward broader private law integration. It will also be established that EU harmonisation in this regard is possible based on Article 133 TFEU. Stipulating a corresponding lex ferenda will provide the legal certainty needed to support the digital euro’s adoption across – and potentially beyond – the internal market.