IANUS, 2019 (19) for EUMOL JEAN MONNET CHAIR

Fintech, Money and the European Union: a more sustainable community development?

Each year, Ianus accommodates a bunch of papers based on the core topics of Jean Monnet Chair in EU Money Law (EUMOL).

CALL for Papers 

Fintech, one of the latest developments of Internet-based technology, is changing business models and is challenging the normative approach to payment, banking and financial services. It is a broad area, going from crowdfunding and peer-to-peer lending to instant payments and virtual currencies (VCs), in addition to big data, cloud computing or smart contracts.

Within EUMOL Jean Monnet Chair, we’ll investigate how the «payment landscape in the EU is undergoing significant transformation due to the introduction of PSD2 and the ongoing fintech developments» (EBA, The impact of fintech on payment institutions’ and e-money institutions’ business models, July 2019). We’ll address how fintech is prompting for regulatory changes in the payment instruments, the way of discharging monetary obligations, the EU-based normative framework for payment service contracts, the aptitude for levelling personal debt growth.

There is no straight normative approach. The main issue seems to be achieving a trade-off: for example, the active participation of Big-Tech firms may ease financial inclusion and improve competition and, by contrast, impair personal data protection, catering the payment users with more efficient payment services, but at the same time may make him/her feel unsafe. The technological development is welcome, for sure, but one wonder whether this can help the European policymakers to build up a more sustainable development. Likewise 2018 EUMOL Winter School, the 2019 workshop will focus on money as a means of community belonging according to an interdisciplinary approach.

Within this framework, we welcome proposals, such as essays, case law analysis, book presentations, case-based experiences, enterprise projects. This call is addressed to scholars and professionals in the fields of law, political economics, economics, sociology, management, cultural studies, anthropology or any other disciplines seeking to engage seriously with the main research question posed; in addition, this call is addressed to entrepreneurs or start-uppers engaged with fintech projects and business with a view of giving their testimony. Indeed, the 2019 EUMOL Winter School is also committed to establish a close cooperation and an open debate between market and academia.

MONEY-BASED CITIZENSHIP ACQUISITION VS. COUNTRY BELONGING WORLDWIDE

IRYNA SOFYNSKA, Associate Professor, National University ‘Lviv Polytechnic’

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Citizenship might be considered to be an artificial legal and political instrument that can establish visible and invisible walls between two countries, can help people to cross borders between them, to enjoy the freedom of movement or to prevent them from migration. Moreover, citizenship-related issues influenced by money might produce challenges for law and society in an inter-connected world regarding globalization, migration, and consumerism. Those three words appeared to be contemporary megatrends in XXI century because of their application in everyday life and precise influence on a person, state and society. Modern citizenship is no longer a permanent legal and effective, even a functional link between a person and state, it lost its exclusivity and values, became just another form of belonging. EU officials convince us that citizenship is not for sale; therefore one cannot put a price tag on it. The modern world is full of vast and increasing disparities between countries regarding GDP, frozen arm conflicts, poverty and unemployment, climate changes, which force people to leave their homes to search for better future, security and prosperity for themselves and their families. Today, in the intensively inter-connected world, international migration and capital mobility have become a reality that touches nearly all corners of the globe. To some degree, the real prize of such campaign is not citizenship as such, but legal residence in a host state. I am convinced that in an ideal scenario we should seriously upgrade citizenship concept, to proceed with real, proper and useful, but not cosmetic changes. Up to my mind, we should allow drifting on the citizenship front to secure values and shared symbols of citizenship important for every citizen regardless artificial walls, mental-based barriers and obstacles have been built exclusively to prevent people from integration into state and society activity.

BITCOIN E BLOCKCHAIN: UN’ANALISI COMPARATISTICA DALLA NASCITA ALLA POTENZIALE REGOLAMENTAZIONE

ANDREA BORRONI, ASSISTANT PROFESSOR, “LUIGI VANVITELLI” CAMPANIA UNIVERSITY

MARCO SEGHESIO, LECTURER, PIEMONTE ORIENTALE UNIVERSITY

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The 2008 global financial crisis and its aftermath have resulted in a generalised loss of trust in regulators and financial institutions, and this may have helped pave the way for a more widespread acceptance of alternative means of payment, such as cryptocurrencies, because of their decentralised and transnational nature, and, at least originally, the fact they are supposed to be immune from the control of public authorities. But, cryptocurrencies do also drawbacks, which can create problems for governments, consumers and companies, for they may make it easier for ill-intentioned persons to engage in frauds, money laundering and terrorism financing. In fact, while it is true that the market would be left, for the most part, in charge of regulating and policing the phenomenon, there are aspects which cannot successfully be regulated from within and, so, the intervention of a regulator from without continues to be necessary.

L’UTILIZZO DELLE CRIPTOVALUTE NEL MONDO DEL CALCIO

FABIO ZAMBARDINO, PH.D. CANDIDATE, “LUIGI VANVITELLI” CAMPANIA UNIVERSITY

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The cryptocurrency universe is evolving and getting more and more tightened with the local communities. One example, at its early stage, is taking place in a very sensitive sector: the main soccer teams. Paris Saint-Germain (PSG), the major French soccer team in France and nowadays also the Juventus FC have planned to issue their own cryptocurrency as a way to incentivize participation from its fans around the world. This experiment will be done recurring to the blockchain technology and partnerships with blockchain startups for the so-called Fan Token Offering. This is the first (or one of the) steps in a path that is determining the full exploitation of the blockchian and cryptocurrencies ranging from sponsorship (as it is happening in the UK’s Premier League for several major clubs as Newcastle United, Crystal Palace, and Leicester). In August 2018, the Union of European Football Associations (UEFA) completed a “successful” test of a blockchain-based ticketing application for a match between two Spanish clubs.

SOVEREIGN DIGITAL CURRENCIES: CENTRAL BANKING OF THE FUTURE OR ECHOES FROM THEPAST?

Marta Božina Beroš, Associate Professor, Juraj Dobrila University of Pula.

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This paper analyzes a specific type of monetary developments instigated by the digitization of the EU payment environment over the last decade – sovereign digital currencies. Namely, the combination of fast-paced technological advancements and regulatory responses lagging behind, have resulted with a noticeable increase in privately issued digital monies. Free-riding on similarities with innovative money formats (such as e-money), privately issued digital currencies compete with digital payment solutions in retail transactions. The competition is taking place in an increasingly cashless payment environment, in which de facto digital monies constitute the majority of the broad money aggregate. In this respect, the idea of sovereign digital currencies – labeled as “central bank digital currency” (CBDC) appears as an intriguing proposal. With this in mind, this paper gives further insight on the public debate on the promises that privately issued digital currencies hold for the future of central banking and the financial system overall.