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Part II Digitalization of Money and Finance, 12 Japanese and International Law Developments of Crypto and Digital Currencies

Takashi Kubota

From: International Monetary and Banking Law post COVID-19

Edited By: William Blair, Christos Gortsos, Chiara Zilioli

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 15 April 2024

Subject(s):
Banks and cross-border issues — Currency — Money laundering — Financial regulation — International financial system — Monetary system — Monetary sovereignty

This chapter explores the Japanese and international law developments of crypto and digital currencies. It notes how the recent development of virtual digital currencies refocused the attention on traditional issues regarding the nature of money and monetary sovereignty. Bitcoin, Tether, and central bank digital currencies (CBDCs) collectively face the same challenge regarding tangibility, which is required as per Article 85 of the Japanese Civil Code. The chapter examines how Japanese domestic law determines whether crypto assets and digital currencies are exempt from ownership, bailment, and legal protection. It mentions the significance of the monetary law system adapting quickly to attain several public and private goals

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