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"Blockchain Technology and the Law: Opportunities and Risks was one of the first texts to offer a critical analysis of Blockchain and the legal and economic challenges faced by this new technology. It offered those who are unfamiliar with Blockchain an introduction as to how the technology works and demonstrates how a legal framework that governs it can be used to ensure that it can be successfully deployed. This second edition features a discussion of issues that did not exist at the time the first edition was published, presenting new topics will help to reinforce the central premise of the book that the acceptability of Blockchain-based applications will depend on whether they can enhance efficiency and lower transactions costs. Significant new content added to this edition includes an examination of the proliferation of new applications of distributed ledger technology, such as Non-Fungible Tokens (NFTs) and, in the payments realm, Stablecoins and proposals that relate to Central Bank Digital Currencies (CBDCs). High-profile incidents in the payments realm (for instance, the DAO case and a new case currently working its way through the Canadian and American Courts, the Cicada case, as well as Celsius and FTX) and also in the securities realm have forced regulators around the globe to take a hard look at enforcing existing regulations more vigorously, and promulgating new ones where existing regulations may be found lacking. There have also been new changes on the privacy law side (with respect to open banking proposals) and in the emergence of what is referred to as "big data" generally. These and other developments have led to a consideration of new legal issues that had not been considered at the time of the original book; as a result the second edition is greatly expanded throughout and features two new chapters. The book is written for practicing lawyers, jurists and academics. It should be found on the shelves of libraries of law firms and law faculties, business schools and universities in general"-- Provided by publisher

The innovation that is associated with developing a digital currency has provided for a unique opportunity to reconsider how consumers can access payment mechanisms and conduct retail banking following the emergence of new fintech technologies. As such, this is a prescient time for policy makers to reconsider financial reform efforts to leverage new technological developments as a means of making the payments system more efficient. This paper considers some of the challenges facing Central Banks as they attempt to navigate these pressing challenges. In particular, the paper will assess the relative prospects for success for some of the more popular CBDC proposals and identify potential avenues for Central Banks to improve the efficiency of their retail payment systems. Part One will examine some of the more prominent proposals that utilize a combination of increasing access to financial services through a digitization of conventional bank notes to be supplied either directly as accounts operated by Central Banks, or through conventional intermediaries that utilize the payment rails to be established by a Central Bank to provide access to their customers to digital banknote equivalents. Part Two will consider how these present efforts can be enhanced by re-examining the roles that Central Banks play in enhancing economic efficiency. Attention will be paid to recent advances pioneered in fintech in order to reimagine the role played by Central Banks in facilitating the circulation of money and credit throughout the economy. Part Three will address some of the criticisms of the existing CBDC proposals and will offer thoughts on how to mitigate some of the risks involved including the incorporation of a national identity and credit reporting feature into CBDC models as a method of reducing transactions costs.

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In the article that follows, "The Legacy of Cheques on the Evolution of a Bank Customer's Duties: Enduring Principles regarding Risk Allocation," Sandra Booysen focusses on cheques and the underlying mandate given by customers to their banks.2 Here, Booysen uses a historical perspective to examine the development of the Macmillan and Greenwood duties that require bank customers to exercise care when drawing cheques so as to avoid tampering by a third party. Of particular interest to those interested in consumer protection is McCamus' analysis of the recent Supreme Court of Canada case Uber v. Heller, which pertains to the question of whether a mandatory arbitration clause included in a standard form contract constitutes an unconscionable term. After consideration of the history of payment system regulations in the EU, the paper focusses on cross-border payments and how regulations that were adopted in the late 1990s have helped to cross-border transactions by imposing contractual liabilities for the proper execution of credit transfer orders addressing the payment service value chain. [...]those of us who have worked with Professor Geva in an academic setting (including these authors) will attest to Keefe's lauding of Professor Geva's valuable mentorship, kindness and friendship which have been essential in helping us launch our own careers.

This article examines the use of Facebook’s Libra as a substitute for fiat money. It considers Libra’s prospects for success in light of the fact that it purports to substitute trust in a technology for the traditional legal supports that bolster public trust in traditional fiat currencies. The legal doctrines that support fiat currencies do so for the purposes of recognizing the economic functions that money performs and are also meant to support public policies that promote monetary stability, protect consumers and help to enforce anti money laundering statutes. It is argued that Libra will result in unintended challenges for monetary authorities that will subject the world financial system to greater consumer transaction risks, increase systemic risks, and make it more difficult to combat money laundering efforts. The ultimate question is whether the public can place its trust in Facebook and its partners to manage a global currency, or is that trust better placed in the hands of central banks?

This paper considers the recent Ontario Court of Appeal decision in Jones v Tsige. In this unprecedented case, a bank customer was allowed to sue a bank employee personally for the tort of invasion of privacy after the employee surreptitiously accessed her bank account. The case is significant due to its introduction, for the first time, of an American cause of action under the tort of invasion of privacy. In order to fashion the plaintiff with the personal remedy, however, the Court has failed to consider the application of the Tournier doctrine that has established that banks owe a duty of secrecy to their customers. In so doing, it is argued that the Court has undermined an established tradition of law that provides for a better approach in analyzing the issue from a banking perspective than that used by the Court.

This paper compares and contrasts American and Canadian efforts to regulate debit cards. The paper begins by outlining significant differences between the two approaches arguing that Canadians do not enjoy the same level of protection as do their American counterparts with respect to its provisions governing unauthorized transactions, dispute resolution and its enforcement mechanisms.