Legal obstacles to a cashless society within the eurozone

Abstract

This dissertation aims to explore the legal impediments faced by efforts to limit the use of cash and to introduce alternatives to it. A better understanding of what constitutes money on a theoretical level and the definition, scope and effects of legal tender of euro banknotes and coins was produced through the analysis of legal texts, statutes and the limited jurisprudence available. A comparative and textual analysis showed that legal tender and its implications are not a settled concept, both within the EU and beyond. The limitations placed on cash and the obligation to accept it were expounded with particular reference to the Hessicher Rundfunk preliminary reference, the primary and so far solitary judgement pertaining to the right to use cash with regard to the euro. The author delved into the nascent concept of CBDCs with the aim of conceptualising future developments in light of the frameworks within which they have to be designed. An analysis of the Report on a digital euro and similar reports from other central banks highlighted the imminence of this concept becoming a reality, furthering its legal relevance. The concluding remarks summarise and give the author’s opinion as to the areas of concern and their future implications on cash within society.