Chinas Purposes of Digital Yuan Project and its Impact over International Trade
Subject Areas : International Legal ResearchSeyed Erfan Lajevardi 1 , Meysam Omidi 2
1 - International Law Department, Law Faculty, Islamic Azad University Central Tehran Branch, Tehran, Iran
2 - International Law Department, Law Faculty, Islamic Azad University Central Tehran Branch, Tehran, Iran
Keywords: Stablecoin, Market Economy, Internationalization of Fiat Currency, National Stablecoin, Hidden Subsidy, Digital Yuan, ,
Abstract :
China’s Purposes of Digital Yuan Project and its Impact over International Trade The money may be categorized as commodity currency, fiat money, cryptocurrency and stablecoin. The national cryptocurrency is a stablecoin. The verification of stablecoins is subject to centralized ledger. If the government pledge fiat currency to issue national stablecoin, it would be possible to control transactions of such a stablecoin. China is the first country basing the issuance of national stablecoin. The purposes of China to issue digital yuan are as follow: - Internationalization of yuan; - Governmental supervision over the domestic financial sector; - Supervision over the shadow banking system; and - Circumvention of WTO requirements through hidden loans, subsidies and also dissembling the requirements of the free market system. The Economy of Iran is not capable to internationalize Iranian Rial; simultaneously the opportunities of foreign investment are confined; therefore, the issuance of digital Rial will not be an effective measure to develop the international trade. It would be possible that the loans of China to Iran becomes paid through digital yuan. China has a monopolized access to the information of transactions made by digital yuan; therefore, resources should be consumed for the transparent and projects.
زیمل گئورک؛ فلسفه پول؛ ترجمه مسمی پرست شهناز؛ پارسه؛ 1397
هراری یووال نوح؛ پول؛ ترجمه نمازیان مهدی؛ نون؛ 1398
توسلی محمداسمعیل؛ تحلیل ماهیت پول؛ فصلنامه اقتصاد اسلامی؛ 48؛ 1391؛ 107 تا130
تصویبنامه هیات وزیران ؛ 58144/ت 55637 ه؛ 13/5/1398
تصویبنامه هیات وزیران ؛ 86573/ت 58078 ه؛ 13/7/1399
تصویبنامه هیات وزیران ؛ 95240/ ت 5986 ه؛ 26/5/1401
تصویبنامه هیات وزیران؛ 151455/ت 59368 ه؛ 6/6/1401
قانون انحصار تجارت خارجی؛ 19/4/1311
قانون پولی و بانکی کشور، مصوب 18/4/1351
قانون تنظیم بازار غیرمتشکل پولی؛ 22/10/1383
قانون مقررات صادرات و واردات؛ 4/7/1372
بانک مرکزی جمهوری اسلامی ایران، معاونت فن آوری های نوین؛ الزامات و ضوابط فعالیت در حوزه رمزارزها در کشور؛ 1397
لایحه برنامه هفتم پیشرفت جمهوری اسلامی ایران
Bilotta Nicola & Botti Fabrizio (2021); The Near Future of Central Bank Digital Currencies Risks and Opportunities for the Global Economy and Society, Bern; PETER LANG; vol. 7
Campbell-Verduyn, Malcolm (2018); Bitcoin and beyond; New York and London; Routledge Taylor & Fracnis Group
Filippi Primavera De & Wright Aaron (2019); Blockchain and the Law; USA; Harvard Universiy Press
Koleski, Katherine (2017); The 13th Five Year Plan; Washington DC; US China Economic and Security Review Commission
Li, Shoushuang (2007); The Legal Environment and Risks for Foreign Investment in China; Berlin; Springer
Mishkin, Frederic C. (2019); The Economics of Money, Banking, and Financial Markets, 12th ed. Harlow: Pearso
Muller, Wolfgang (2017); WTO Agreement on Subsidies and Countervailing Measures; England; Cambridge University Press
Owens, Leah Wils (2017); China’s Status as a Non-Market Economy; Washington DC; United States Department of Commerce International Trade Administration
Alsharari Nizar Mohammad & Abousamra Rasha (2018); Accounting for Bad Debt and Uncollectible Receivables in the Higher Education: Evidence from UAE; Indonesian Management and Accoounting Research; Vol. 17; 121-145
Anwesen john (2016); The Prudential Carve-Out Clause: is Risk the New Corrupt Moral; 4 Pennsylvanian State Journal of Law & International Affairs; Vol. 4; 749-789
Aysan Ahmet Faruk & Kayani Farrukh Nawaz (2022); China’s transition to a digital currency does it threaten dollarization”; Asia and the Global Economy; Vol. 2; Issue 1; 1-6
Berg Tobias; Fuster Andreas; Puri Manju (2021); Fintech Lending; National Bureau of Economic Research Woking Paper Series
Brummer, Chris (2017); The Renminbi and Systemic Risk; Journal of International Economic Law; Vol. 20; 447-507
Balducci, Giuseppe (2011); The Role of the European Union in China’s Accession to the WTO; JSTOR Journal Article Rubbettino Editore; vol. 76; 101-121
Chiang, Ting-Wei (2018); Chinese stat owned enterprises and WTO’s anti subsidy regime”; Georgetown Journal of International Law; vol. 49; 845-886
Cuestas Juan Carlos & Regis Paulo Jose (2018); On the dynamics of sovereign debt in China Sustainability and Structural change; Economic Modeling; vol. 68; 356-359
Curran, Dean & Smart Alan (2021); Data driven governance smart urbanism and risk class inequalities Security and social credit in China; SAGE Journals; vol. 58; issue 3; 1-43
Dent, Harrison (2020); International Trade Law concerns with China’s digital currency how sovereign issued stablecoin can destabilize International Trade; Georgetown Journal of International Law; vol. 51; 919-950
Dewey Joe (2022); Blockchain & Cryptocurrency Laws and Regulations 2022; USA; Global Legal Insights
Freedman S. & Jin G. Z. (2008); Do Social Networks Solve Information Problems for Peer-to-Peer Lending? Evidence from Prosper.com. NET institute Working Paper
Gerstel Dylan (2022); It’s a Debt Trap! Managing China-IMF Cooperation Across the Belt and Road; Center for Strategic & International Studies; vol. 3; 12-16
Hoekman Bernard & Wolfe Robert (2021); Reforming the World Trade Organization Practitioner Perspectives from China the EU and the US”; China & World Economy, vol. 29; Issue 4, 1-34
Howden David (2023); Defining Money in The Emergence of a Tradition: Essays in Honor of Jesús Huerta de Soto; Volume I: Money and the Market Process; (eds.) David Howden and Philipp Bagus; 159-78
Jones Vivian C. (2008); Trade Remedy Legislation: Applying Countervailing Action to Nonmarket Economy Countries; Washington DC; Library of Congress Congressional Research Service
Kodres Laura E. (2013); What is Shadow Banking; Finance & Development; vol. 50; 1-60
Lai Wing Choong & Goh Kim Leng (2021); Dependence Structure Between Renminbi Movements and Volatility of Foreign Exchange Rate Returns; SAGE Journals; vol. 57; 57-78
Menger Karl (1892); On the Origin of Money; The Economic Journal; Vol. 2; No. 6; 239-255
Park, Cyn Young & Tian Grace & Zhao Bo (2020); Global Bitcoin Markets and Local Regulations; Asian Development Bank Economics Working Paper Series; vol. 605; 1-30
Peresa Irena & Vidon Edouard (2022); Bad Banks with Chinese Characteristics an Ongoing Transformation; Journal of Contemporary China; vol. 31; 136-152
Peters Michail A. & others (2020); Cryptocurrencies China’s sovereign digital currency DCEP and the US dollar system”; Educational Philosophy and Theory; 1-7
Poenisch Herbert (2020); Introducing Digital Currencies to the Global Interbank Settlement System; International Monetary Review; vol. 7; No. 1; 88-103
- Poloektov Alexander (2002); The Non-Market Economy Issue in the International Trade in the Context of WTO Accessions; UNCTAD/DITC/TNCD/MISC.20
Pozsar Z. & Adrian T. & Ashcraft A. & Boesky H. (2010); Shadow banking Staff Report: Federal Reserve Bank of New York
Salles-Djeli Marie-Laure (2006); Marketization: From Intellectual Agenda to Global Policy Making; Transnational Governance; Cambridge University Press; 53 – 73
Rolland, Nadege (2017); China’s Belt and Road Initiative Underwhelming or Game Changer; The Washington Quarterly; vol. 40; Issue 1; 127-142
Sarmah Shekhar Simanta (2018); Understanding Blockchain Technology; Computer Science and Engineering; 23-29
Scott Susan V. & Zachariadis Markos (2012); Origins and Development of SWIFT, 1973-2009”; Business History; 54 (3); 462-482
Schwarcz Steven L. (2022); Regulation Global Stablecoins a Model Law Strategy; Duke Law School Public Law and Legal Theory Series; vol. 51; 1-62
Sithigh, Daithi Mac & Siems, Mathias (2019); The Chinese Social Credit System A Model for Other Countries”; Modern Law Review; vol. 82; 1034-1071
Telep Jeffrey M. & Lutz Richard C. (2018); China’s long road to Market Economy Status; Georgetown Journal of International Law; Vol. 49; 693-709
Washington Andre J. (2018); Not So Fast China Non-Market Economy Status is Not Necessary for the Surrogate Country Method”; Chicago Journal of International Law; vol. 19; No. 1; 260-294
Xia Mian (2021); In Search of the Perfect Coin China’s Approach Towards Cryptocurrency and its own Central Bank Digital Currency; Banking & Finance Law Review; vol. 36; issue 3; 419-456
Zou Xiang (2021); China’s National Digital Currency An Overview of Digital Currency Electronic Payment; Turkish Journal of Computer and Mathematics Education; vol. 12; No. 11; 4279-4285
Executive Office of the President of the Unites States (2019); 2018 Report to Congress On China’s WTO Compliance; USA; United States Trade Representative
G7 Working Group (2019); Investigating the impact of global stablecoins; Basel; Committee on Payments and Market Infrastructures
Japan Ministry of Economy, Trade & Industry (2022); Report on Compliance by Major Trading Partners with Trade Agreements - WTO, FTA/EPA, IIA
World Bank; Distributed Ledger Technology (DLT) and Blockchain; Fintech Note; No. 1, 2017
Feginn Thea (2019); An Analysis of The Future of Peer-to-Peer Lending, Is P2P-lending a relevant asset class for investors; Copenhagen Business School
Wu Chung-Chieh, General ledger system (1984); Graduate Student Theses, Dissertations, & Professional Papers. 2432; University of Montana
Agreement on Subsidies and Countervailing Measures- WTO