University News Network (Contribution by Law School)
On July 13, 2023, the Law School hosted a high-profile seminar titled "Sovereign Digital Currency and Crypto Assets" at Conference Room 222 of the Administration Building, University of International Business and Economics (UIBE).
Key Attendees
The event featured:
- Ms. Liu Yan, Deputy General Counsel of IMF’s Legal Department
- Ms. Chen Ke, Senior Financial Sector Expert at IMF
- Ms. Marianne Bechara, IMF Senior Legal Advisor
- Ms. Grace Jackson, IMF Financial Sector Expert
Over 30 experts from academia (e.g., Peking University, Tsinghua University) and legal practice (e.g., Dentons LLP) participated. The seminar was co-chaired by:
- Professor Fu Jun, Director of UIBE’s International Financial Law Research Center
- Professor Chen Sheng, Deputy Director of Northwest University of Political Science and Law’s Finance and Law Institute.
Opening Remarks
Professor Mei Xiaying, Dean of UIBE Law School, welcomed the IMF delegation and highlighted UIBE’s legacy in legal education. He emphasized the seminar’s role in advancing China’s legislative, administrative, and judicial frameworks for digital currencies.
Session 1: IMF’s Work on FinTech & CBDCs
Topic 1: IMF’s Role in Digital Currency
- Ms. Liu Yan discussed challenges in sovereign digital currency implementation, private international law issues, and praised China’s pilot programs.
Topic 2: Central Bank Digital Currencies (CBDCs): Legal & Financial Aspects
- Ms. Chen Ke addressed anti-money laundering (AML) obligations for digital currency providers and the need for cross-border cooperation.
Panel Insights:
- Professor Guo Li (Peking University) proposed learning from dematerialized securities.
- Professor Song Xiaoyan (Shanghai University of Finance and Economics) urged cautious central bank responses.
- Professor Mei Xiaying stressed understanding the logic behind Bitcoin’s evolution.
Session 2: Crypto Assets & Financial Integrity
Key Discussions:
- Ms. Liu Yan outlined IMF’s crypto asset regulations and legal certainty frameworks.
- Ms. Chen Ke focused on jurisdictional challenges and AML compliance for crypto service providers.
Panel Highlights:
- Professor Cao Shinan (UIBE) analyzed China’s restrictive policies on crypto assets.
- Lawyer Xiao Sa (Dentons LLP) shared judicial practice challenges in crypto asset cases.
FAQs
Q1: What was the main focus of the seminar?
A1: The seminar explored sovereign digital currencies, crypto asset regulations, and their legal/financial implications.
Q2: How did panelists view China’s digital currency pilots?
A2: IMF experts commended China’s progressive approach but noted unresolved challenges in AML and international cooperation.
Q3: What are the key takeaways for crypto asset regulation?
A3: Panelists emphasized the need for global coordination and clearer AML frameworks for crypto service providers.