Il fenomeno delle Central Bank Digital Currencies nel contesto internazionale

This article examines Central Bank Digital Currencies in the international arena, arguing that the programmability of digital money is reshaping the contours of monetary sovereignty, projecting it onto the algorithmic dimesnion and giving rise to a contest over the architecture of cross-border payment infrastructures. The analysis first considers the international legal aspects of retail CBDCs, and then turns to the competing monetary strategies of China, the United States and the European Union, including wholesale CBDCs, tokenised deposits and stablecoins. Finally, it engages with the infrastructural dimension of the ongoing geo-monetary rivalry, against the backdrop of a growing risk of fragmentation of the international monetary order.