The Legal Framework for Electronique Money and Cryptocurrencies: Challenges of Régulation and Monétaire Sovereignty

Abstract

This study aims to analyze the legal framework for electronic money and cryptocurrencies, focusing on the challenges related to financial oversight and monetary sovereignty in light of rapid digital transformation. The study distinguishes between electronic money, as a payment instrument subject to the supervision of monetary authorities, and cryptocurrencies, which are based on decentralization and blockchain technology, thus posing unprecedented challenges to traditional legal frameworks.

           The study seeks to highlight the extent to which current legislation can keep pace with these developments, particularly concerning combating financial crimes, protecting consumers, and ensuring the stability of the financial system. It also discusses the impact of the proliferation of cryptocurrencies on state sovereignty in issuing currency and controlling monetary policy, given the absence of a central regulatory body.

         The study concludes that the legal framework for digital money is still evolving, and that achieving a balance between encouraging financial innovation and ensuring effective oversight requires the development of flexible regulatory frameworks and increased international cooperation to maintain financial stability and the monetary sovereignty of states.