Electronic money, war on cash, and the future of law of obligations in the civil law legal system

Aličić, Samir and Brajović, Danilo (2025) Electronic money, war on cash, and the future of law of obligations in the civil law legal system. In: Izazovi prilagođavanja pravnog okvira tehnološkim promenama u digitalnom društvu. Institut za uporedno pravo, Beograd. ISBN 978-86-82582-43-4

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Abstract

This paper is written with the intention of offering possible answers to the hypothetical question of what would be the consequences for the law of civil law legislation in the field of law of obligations if cash were totally abolished, and if electronic money were to become the only means of payment in the future? The authors conclude that, firstly, the right of ownership, in the form in which this right exists in countries operating on the basis of civil law, would no longer exist on money in these jurisdictions, because electronic money is an intangible thing. Consequently, the existing rules on transfer of ownership on money and on the place and manner of payment of monetary obligations would become obsolete. Also, loan agreements regarding money would not exist anymore, leaving only credit agreements, which are a totally different contract form. Deposits of money would also be effectively abolished. As long as there is at least a theoretical possibility that electronic money could be converted into physical money and claimed as banknotes and coins, nothing would change in principle. The existing legal instruments of law of obligations would be absolutely adequate in regulating such a situation, even if in practice the vast majority of payments would be conducted in electronic money.

Item Type:	Book Section
Uncontrolled Keywords:	money, electronic money, civil law system, Roman law, war on cash, payment, obligations, banking
Subjects:	Obligaciono pravo
Depositing User:	Aleksandra Višekruna
Date Deposited:	31 Dec 2025 19:13
Last Modified:	31 Dec 2025 19:13
URI:	http://ricl.iup.rs/id/eprint/2311

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