Building out the Crypto Economy in Europe: a Proposal for Central Bank Digital Euros

The "decentralised applications" (dApp) 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 policymakers could play a further facilitative role in mobilising this economic space by considering the integration of the central bank digital euro with the dApp economy. This initiative addresses the weaknesses of the monetary order in the dApp economy and provides a departure point for the building out of the dApp economy by more enabling regulatory institutions and architecture, consistent with a vision of regulatory capitalism supporting financial and enterprise development.