OTHER LEGAL AND FINANCIAL MATTERS

OPINIONS AND REPORTS TO BE DOWNLOADED

. The evolution of the legal concept of money

Working Group chaired by Francesco Martucci

20/06/25 RA69A - Report ➡ Download

The report seeks to clarify the legal concept of money and its various forms by offering definitions and putting forward recommendations. First, money is a unit of account designated as such by a State within its territory, in the exercise of its sovereign powers. It raises the question of how money is understood beyond national borders, particularly in its use by other States and private actors. Second, money serves as a mean of payment, issued either by a central bank (in the form of fiduciary money or central bank wholesale money) or by regulated institutions (such as scriptural and electronic money). Third, with the rise of digitalisation, central bank digital currencies are being developed, while crypto-assets are governed by a dedicated legal framework.