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Analysis of the FSB, BIS, IOSCO, OECD, and other international standard setting bodies’ reaction to Libra (Diem)

Naoko Ueda

Art der Arbeit

Masterarbeit

Universität

Universität Wien

Fakultät

Postgraduate Center

Studiumsbezeichnung bzw. Universitätlehrgang (ULG)

Universitätslehrgang Europäisches u. Intern. Wirtschaftsrecht (LL.M.) [Berufsbegleitend]

Betreuer*in

Siegfried Fina

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DOI

10.25365/thesis.70687

URN

urn:nbn:at:at-ubw:1-11244.65912.859175-7

Link zu u:search

(Print-Exemplar eventuell in Bibliothek verfügbar)

Abstracts

Abstract

(Deutsch)

Diese Master Thesis präsentiert eine Analyse der Positionen jedes der globalen finanzpolitischen Entscheidungsgremien gegenüber dem globalen Stablecoin-Projekt, dem Libra (Diem)-Projekt. Ziel dieser Studie ist es, die Bedeutung des demokratischen Diskurses für die Gestaltung einer neuen Gesellschaftsordnung zu verstehen. Am Beispiel der Position der Finanzaufsichtsbehörden zu diesem Vorhaben werden die Gründe für die Reaktion der Regulierungsgemeinschaft auf ein neues Instrument untersucht, das das derzeitige System ersetzen könnte. Diese argumentiert, dass die Reaktion der Weltgemeinschaft auf dieses Projekt ausgesprochen streng war und das Projekt effektiv gestoppt hat. Durch die Analyse der Begründungen für ihre Haltung kommt diese Arbeit zum Schluss, dass die Hauptsorge der Regulierungsgemeinschaft das Potenzial der globalen Stablecoins war, die gesellschaftsverändernde, systemersetzende und paradigmenwechselnde neue universelle Norm zu werden. Diese Initiative könnte ein neues Währungssystem schaffen, das das Potenzial hat, außerhalb des globalen Währungs- und Finanzsystems zu existieren. Diese Arbeit kommt zum Schluss, dass sie den Übergang von der passiven Haltung der Regierungen hin zu Initiativen großer Technologieunternehmen markiert.

Abstract

(Englisch)

This thesis presents the analysis of the position of each of the global financial policy setting bodies toward the global stablecoin initiative, the Libra (Diem) project by Facebook and its partners. It evaluates their publications on innovation in financial services industry before and after the announcement of the Libra (Diem) project. The ultimate goal of this study is to understand the important role that the global regulatory community plays, and the importance of democratic discourse in the shaping and regulation of the new-social-order-forming technology and data use. Taking the example of the global regulatory community’s actions towards this spectacular BigTech led currency-making endeavor, this study examines the role they played in turning a private entity’s business project into a big policy issue, bringing to the attention of the public that this new instrument could potentially break and replace the current basic infrastructure that support our society. By comparing the global financial regulatory community’s reaction towards this project and the reaction of other government entities and international bodies’ towards previous impactful services that have disrupted the fundamental basis of our societies, this thesis argues that the global community’s reaction towards this project was distinctively more stringent in comparison with preceding innovations, effectively putting to halt the endeavor to create a new data-driven global currency system. This thesis attempts to formulate hypotheses on what drove this harsh treatment by the global regulatory community. For one, it may have been just a part of the general trend in which regulators, policy shapers and the public’s attitude toward BigTech’s disruptive projects has shifted to be more skeptical and stricter, ensuing the revelation of the inherent issues within data-driven society through scandals such as Facebook’s Cambridge Analytica data scandal. On the other hand, one may argue that it was an isolated phenomenon that can only be explained by the fact that the financial services industry is a distinctively a regulated industry, and the fact that this endeavor is not protected as constitutionally backed rights, such as the Freedom of Speech and Secrecy of Correspondence, unlike other existing disruptive services. Through the streamlining of the justifications the global regulatory standard setters have provided for their stance on the Libra (Diem) project, this paper concludes that the crux of the rationale behind their tough attitude is their concern about the potential of Libra to become the society-altering, system-replacing, paradigm-shifting project that would set the new universal norm. This initiative, in essence, is an endeavor to create a new universal currency system that has the potential to exist outside of the global monetary and financial regime and possibly replace it. Their view is that the global financial system has the maximum chance of remaining stable and to enduring stress if the delicate balance achieved by the hundreds of years of effort and craftmanship by central banks and regulatory bodies stays protected from the stress and changes brought about by an external stress factor that would be powerful enough to challenge that delicate balance. Global financial regulatory community was very quick to address the crux of these issues that this disruptive new currency system may ensue, showing their awareness and recognition of the irrevocability of a new order/system once it is implemented and becomes ubiquitous. Their prompt action created room and time for meaningful public discussion, giving the general public a say in an endeavor by a private entity that can cause a drastic change in the fundamental essence of our society. In conclusion this thesis argues that the level of engagement by the regulatory community on this yet-to-be born, nascent Libra project marks a significant milestone in how we, as a society, confront society altering and uncontrollable, disruptive new services that sweep our society away, as an important policy issue.

Autor*innen

Naoko Ueda

Haupttitel (Englisch)

Analysis of the FSB, BIS, IOSCO, OECD, and other international standard setting bodies’ reaction to Libra (Diem)

Publikationsjahr

2021

Umfangsangabe

91 Seiten

Sprache

Englisch

Beurteiler*in

Siegfried Fina

Klassifikation

86 Recht > 86.91 Recht der internationalen Organisationen

AC Nummer

AC16502766

Utheses ID

61013

Studienkennzahl

UA | 992 | 548 | |

Detailansicht

Abstracts

Schlagwörter