DAVID’S SOVEREIGNTY VS. GOLIATH’S CENTRALISATION REGARDING CBDCS IN THE EU
The regulation of blockchain technology highlights a critical tension between centralised systems, such as Central Bank Digital Currencies (CBDCs), and decentralised cryptocurrencies like Bitcoin. This paper explores the ongoing “David versus Goliath” struggle, where decentralised actors-citizens, small enterprises, and sovereign states-advocate for regulatory frameworks that protect national sovereignty and local autonomy, while centralised authorities, such as the European Union, push for harmonised legal structures that prioritise centralisation. By analysing the evolving legal landscape, this study examines how regulation impacts innovation, financial sovereignty, and the preservation of national authority, offering insights into the future of blockchain governance in public and private law.
Keywords: blockchain regulation, Central Bank Digital Currencies (CBDCs), decentralisation, national sovereignty, technology.
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