Theoretical Aspects of the Artificial Intelligence Use in Shaping Digital Public Money Legislation
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Abstract
The subject of analysis in this paper is the identification of the role of potential artificial intelligence systems in the normative regulation of digital money issuance by central banks. In this context, the first part of the paper highlights the impact of digital technologies on the legal acquis of the public monetary order and examines the challenges associated with preserving the structure and throb of monetary sovereignty amid the ongoing technological revolution. The second part of the paper emphasizes the importance of timely identification of the potential benefits and costs associated with artificial intelligence. Particular attention is devoted to examining and understanding the impact of artificial intelligence on the rights of monetary users to a reliable, stable, and secure currency, as well as on the right to monetary stability, conceived as a global public good. In the authors’ view, these issues require a form of “monetary legal holism” in order to establish a sustainable legal bridge between traditional central banking legislation and the challenges posed by artificial intelligence as a new technical tool in shaping monetary norms for the digital market.
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