유럽의 중앙은행디지털화폐(CBDC)법 연구:EU 디지털유로규정안의 주요내용과 함의를 중심으로

This study analyses the European Union’s ‘Proposal for a Digital Euro Regulation (DER),’ which serves as the legal basis for the retail Central Bank Digital Currency (CBDC) in the EU — the digital euro — pursued in response to the digital transformation of the economy and the decline in cash usage. Driven by concerns that the proliferation of stablecoins by Big Techs, as well as foreign CBDCs (e.g., China's e-CNY), could threaten monetary sovereignty and financial stability, the EU proposed the DER to maintain the euro's status as a ‘monetary anchor’ in the digital environment. This paper examines the core provisions of the DER, specifically, the granting of legal tender status to the digital euro, the principle of mandatory acceptance, and its exceptions. Furthermore, it conducts a detailed review of the two-tier hybrid distribution model involving Payment Service Providers (PSPs), the imposition of holding limits to prevent disintermediation (digital runs), practical mechanisms such as waterfall and reverse waterfall functions, and measures to enhance financial inclusion for vulnerable groups. In conclusion, in light of South Korea’s current experimentation with deposit tokens through ‘Project Hangang,’ this study suggests that sophisticated legislative preparation is essential for the future introduction of a Korean retail CBDC. Specifically, parallel efforts are required to draft concrete legislation and conduct continuous research regarding the specification of the digital won's legal tender status, the definition of intermediary roles, privacy protection, financial inclusion, etc.