This book poses the question: do we need a new body of regulations and the constitution of new regulatory agents to face the evolution of money in the Fourth Industrial Revolution? After the Global Financial Crisis and the subsequent introduction of Distributed Ledger Technologies in monetary matters, multiple opinions claim that we are in the middle of a financial revolution that will eliminate the need for central banks and other financial institutions to form bonds of trust on our behalf. In contrast to these arguments, this book argues that we are not witnessing a revolutionary expression, but an evolutionary one that we can trace back to the very origin of money. Accordingly, the book provides academics, regulators and policy makers with a multidisciplinary analysis that includes elements such as the relevance of intellectual property rights, which are disregarded in the legal analysis of money. Furthermore, the book proposes the idea that traditional analyses on the exercise of the lex monetae ignore the role of inside monies and technological infrastructures developed and supported by the private sector, as exemplified in the evolution of the cryptoassets market and in cases such as Banco de Portugal v Waterlow & Sons. The book puts forward a proposal for the design and regulation of new payment systems and invites the reader to look beyond the dissemination of individual Distributed Ledger Technologies such as Bitcoin.

This book poses the question: do we need a new body of regulations and the constitution of new regulatory agents to face the evolution of money in the Fourth Industrial Revolution? After the Global Financial Crisis and the subsequent introduction of Distributed Ledger Technologies in monetary matters, multiple opinions claim that we are in the middle of a financial revolution that will eliminate the need for central banks and other financial institutions to form bonds of trust on our behalf. In contrast to these arguments, this book argues that we are not witnessing a revolutionary expression, but an evolutionary one that we can trace back to the very origin of money. Accordingly, the book provides academics, regulators and policy makers with a multidisciplinary analysis that includes elements such as the relevance of intellectual property rights, which are disregarded in the legal analysis of money. Furthermore, the book proposes the idea that traditional analyses on the exercise of the lex monetae ignore the role of inside monies and technological infrastructures developed and supported by the private sector, as exemplified in the evolution of the cryptoassets market and in cases such as Banco de Portugal v Waterlow & Sons. The book puts forward a proposal for the design and regulation of new payment systems and invites the reader to look beyond the dissemination of individual Distributed Ledger Technologies such as Bitcoin.

"In this provocative book Calixto Salomäao Filho builds a strong case for why economic power cannot be considered a mere market phenomenon. Taking the forgotten realities and effects of these power structures into account, his comprehensive legal analysis persuasively argues the need for a new theory of economic power. The book begins with a discussion of the insufficiency of antitrust concepts and instruments. The author provides an economic history of monopolistic colonial systems and its effect on thedevelopment process, and offers an alternate paradigm of legal structuralism and social organization. He goes on to explore the creation of economic power structures with a cogent discussion of market power, legal structures and the dominance of common pool resources. An examination of the dynamics and behavior of power structures follows, with particular attention paid to exclusion and collusion, legal monopolies and the exploitation of natural resources. The author shows clearly how the negative effects of economic power structures directly impact the social and economic development of societies. This new legal theory, with its basis in the realities of economic structures, will prove a powerful alternative to the traditional market rationality paradigm. As such it will be of great interest to students and scholars of law and economics, development and antitrust"--Provided by publisher.

This book addresses 3 questions: is money a way to create a European Union identity? If so, which type of identity is this? And in what ways is the EU identity changing? The book brings together experts from a variety of backgrounds and academic approaches to analyse the law of money and payments on the one side, and the law of capital and investments on the other. The book is divided into 2 parts. Part I covers scriptural, electronic, and digital money. It analyses the European framework for payment services users, explores limits and challenges of the Banking Union, and looks at the project for a digital euro. Part II investigates the policy and regulatory drivers of the EU's changing identity, from the early modern roots of the European law of money and capital to the regulatory strategy set in the Capital Markets Union and the role conferred on venture capital; from the fintech-based developments of payment systems to the newly-established fiscal and monetary policies in the post-COVID phase. The book will be of interest to researchers, academics and policy makers in the fields of law and regulation, as well as political economy and political sciences.

This paper marks the launch of a new IMF series, Fintech Notes. Building on years of IMF staff work, it will explore pressing topics in the digital economy and be issued periodically. The series will carry work by IMF staff and will seek to provide insight into the intersection of technology and the global economy. The Rise of Digital Money analyses how technology companies are stepping up competition to large banks and credit card companies. Digital forms of money are increasingly in the wallets of consumers as well as in the minds of policymakers. Cash and bank deposits are battling with so-called e-money, electronically stored monetary value denominated in, and pegged to, a currency like the euro or the dollar. This paper identifies the benefits and risks and highlights regulatory issues that are likely to emerge with a broader adoption of stablecoins. The paper also highlights the risks associated with e-money: potential creation of new monopolies; threats to weaker currencies; concerns about consumer protection and financial stability; and the risk of fostering illegal activities, among others.

The rise and spread of the Internet has accelerated the global flows of money, technology and information that are increasingly perceived as a challenge to the traditional regulatory powers of nation states and the effectiveness of their constitutions. The acceleration of these flows poses new legal and political problems to their regulation and control, as shown by recent conflicts between Google and the European Union (EU). This book investigates the transnational constitutional dimension of recent conflicts between Google and the EU in the areas of competition, taxation and human rights. More than a simple case study, it explores how the new conflicts originating from the worldwide expansion of the Internet economy are being dealt with by the institutional mechanisms available at the European level. The analysis of these conflicts exposes the tensions and contradictions between, on the one hand, legal and political systems that are limited by territory, and, on the other hand, the inherently global functioning of the Internet. The EU’s promising initiatives to extend the protection of privacy in cyberspace set the stage for a broader dialogue on constitutional problems related to the enforcement of fundamental rights and the legitimate exercise of power that are common to different legal orders of world society. Nevertheless, the different ways of dealing with the competition and fiscal aspects of the conflicts with Google also indicate the same limits that are generally attributed to the very project of European integration, showing that the constitutionalization of the economy tends to outpace the constitutionalization of politics. Providing a detailed account of the unfolding of these conflicts, and their wider consequences to the future of the Internet, this book will appeal to scholars working in EU law, international law and constitutional law, as well as those in the fields of political science and sociology.

This is the first collection to examine the legal dynamics of deinstitutionalisation. It considers the extent to which some contemporary laws, policies and practices affecting people with disabilities are moving towards the promised end point of enhanced social and political participation in the community, while others may instead reinstate, continue or legitimate historical practices associated with this population's institutionalisation. Bringing together 20 contributors from the UK, Canada, Australia, Spain and Indonesia, the book speaks to overarching themes of segregation and inequality, interlocking forms of oppression and rights-based advancements in law, policy and practice. Ultimately this collection brings forth the possibilities, limits and contradictions in the roles of law and policy in processes of institutionalisation and deinstitutionalisation, and directs us towards a more nuanced and sustained scholarly and political engagement with these issues.