In an increasingly digitised world, and within the new reality of digital finance, a fully digitised public currency seems to be a natural step. To this end, central banks have been testing the possibility to issue a digital form of the traditional fiat currency (so-called Central Bank Digital Currency-CBDC). As these projects steadily progress, and in some cases, reach the implementation phase, a myriad of questions, from legal to macroeconomic, arise. This paper aims to focus, in particular, on two complementary and co-related aspects involving CBCDs: (i) how can the full digitalisation and centralisation of the transaction ledger be combined with privacy and (ii) to what extent CBDCs affect the allocation of burden and the responsibility over supervision of retail transactions. Eminently, the use of cash ensures a form of default privacy that protects the individual against State and private intrusion. While this privacy has caused concern, due to its criminogenic potential, and has been consequently limited by anti-money laundering (AML) regulations, the remaining cone of shadow cash guarantees is a crucial limit to control. In the context of a shifting financial system, undergoing deep transformation due to increasing datafication and decentralisation of the market, a new governance of financial supervision and record-keeping—up to now based on a unique and centralised ledger—is crucial to redefine the trade-off between financial integrity and privacy. This article will examine the origins and characteristics of CBDCs, to then analyse how the trade-off between control and privacy is set to reshape this new architecture.

在日益数字化的世界中，在数字金融的新现实中，完全数字化的公共货币似乎是自然的一步。为此，各国央行一直在测试发行传统法定货币的数字形式（所谓的央行数字货币-CBDC）的可能性。随着这些项目稳步推进，在某些情况下，进入实施阶段，从法律到宏观经济的一系列问题随之出现。本文旨在特别关注涉及 CBDC 的两个互补且相互关联的方面：(i) 交易账本的完全数字化和集中化如何与隐私相结合，以及 (ii) CBDC 在多大程度上影响了 CBDC 的分配。零售交易监管的负担和责任。值得注意的是，现金的使用确保了某种形式的默认隐私，保护个人免受国家和私人的入侵。虽然这种隐私因其潜在的犯罪潜力而引起关注，并因此受到反洗钱 (AML) 法规的限制，但影子现金担保的剩余部分是控制的关键限制。在金融体系不断变化的背景下，由于市场的数据化和去中心化程度不断提高，金融体系正在经历深刻的转型，新的金融监管和记录保存治理（迄今为止基于独特的集中式账本）对于重新定义贸易至关重要- 财务诚信和隐私之间的界限。本文将探讨 CBDC 的起源和特征，然后分析如何在控制权和隐私之间进行权衡以重塑这一新架构。