This article examines the legal and regulatory challenges of ensuring vertical interoperability of electronic devices for the accessibility of central bank digital currencies (CBDCs), with a focus on close-proximity payments for the forthcoming digital euro. It analyses the restrictions on NFC and Secure Element technologies imposed by device manufacturers through the lens of Article 102 TFEU, the Digital Markets Act (DMA), and the proposed digital euro regulation, which is heavily influenced by the interoperability obligations set out in those legislative instruments. While competition law requires a case-by-case assessment, the DMA mandates free interoperability for gatekeepers, and the proposed digital euro regulation introduces a tailored access regime based on fair and reasonable terms. This article proposes three improvements to the forthcoming digital euro regulation to better address a potential market bottleneck that may hinder user accessibility: (a) the imposition of free-of-charge interoperability mandates; (b) the establishment of clear guidance on what constitutes acceptable objective justifications; and (c) the clarification and effective allocation of supervisory responsibilities for the interoperability mandate and technical standardization among the European Commission, the European Central Bank, and competent national authorities.
One Digital Euro, Many Devices: Transplanting Interoperability Obligations
October 21, 2025
