Description

The permissionless crypto-economy is an innovative and exciting business space that is creating economic value. The recognition of its needs such as fund-raising is only emerging in the EU Digital Finance Package supporting the new action plan for the Capital Markets Union. This article proposes that policy-makers can play a further facilitative role in mobilising this economic space by considering the integration of the central bank digital euro with the crypto-economy. This initiative addresses the weaknesses of the monetary order in the crypto-economy and provides a departure point for the building out of the crypto-economy by more enabling regulatory institutions and architecture, consistent with a vision of regulatory capitalism supporting financial and enterprise development.