Considering Adequate Legal Models for International Cyber Currencies

2021 Fiscal Year Final Research Report

• Project/Area Number: 17K03392
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: International law
• Research Institution: Waseda University
• Principal Investigator: KUBOTA TAKASHI 早稲田大学, 法学学術院(法務研究科・法務教育研究センター), 教授 (50311709)
• Project Period (FY): 2017-04-01 – 2022-03-31
• Keywords: 中央銀行デジタル通貨 / 仮想通貨 / 暗号資産 / 通貨 / 通貨主権 / デジタル通貨 / 法的貨幣論

Outline of Final Research Achievements

First, we clarified; (1) the interconnections between private and public legal issues on digital currencies (DC) such as the impact of anti-money laundering measures on payment regulations and private law interpretations; (2) deepened our study through a survey of domestic and international literature and discussions with practitioners and scholars; and (3) presented an integrated model of DC legislation for the world.
In addition, we proposed; (1) relaxation of the tangibility requirement in Article 85 of the Japanese Civil Code and revision of the Bank of Japan Act for the issuance of central bank digital currencies (CBDCs); (2) in light of the cross-border transactions of CBDCs, that the G20 should agree on coordination rules for cases of competing currency sovereignty; and (3) reconstruction of the concepts of currency and currency sovereignty under international law, which are currently outdated.

Free Research Field

国際取引法

Academic Significance and Societal Importance of the Research Achievements

【学術的意義】分散型金融や仮想通貨、リブラ構想、中央銀行デジタル通貨の登場により、①通貨や通貨主権とは何か（特に国際法上の要件・効果、域外適用をどう考えるか）、②所有権の有体性要件をどう見直すか、③プライバシーとセキュリティをどう確保するか（法のみならず技術的対応を含む）、④民間の仮想通貨をどこまで保護すべきか、といった重要課題が呈示されたが、本研究はこれに応える試みである。
【社会的意義】上記のデジタル通貨がもたらすインパクトは現在進行中であり、各国や国際社会が法的対応を急ぐ必要に迫られているが、本研究は各国調査に基づく様々な提言を国内外で活発に行うことで、一定の社会貢献を果たした。