Douglas Arner et al on Building Digital Payment Ecosystems: Digital Financial Infrastructure, Financial Inclusion, and the UN Sustainable Development Goals (Cal W ILJ)

"Building Digital Payment Ecosystems: Digital Financial Infrastructure, Financial Inclusion, and the UN Sustainable Development Goals"
Douglas Arner, Sijuade Animashaun, Yixiao Cai, Kuzi Charamba
California Western International Law Journal, Volume 55, Number 1 (2024)
Published online: March 2025

Abstract: This article examines how digital payment innovation and supporting initiatives, such as infrastructure and regulation, can foster micro, small, and medium enterprise (MSME) access to finance. This expanded access in turn supports broader sustainable development as reflected in the United Nations Sustainable Development Goals (SDGs). Achieving these goals requires thoughtful consideration and management of technological and a range of other risks and impacts across jurisdictions and governance levels.

     Digital payment platforms serve as collectors, aggregators and (in some cases) providers of MSME financial and other data. This supports lending, low-cost agent-assisted financial transactions, financial products, and services by conventional banks, micro-finance institutions (MFIs), and non-bank financial institutions. Importantly, the data provided by these platforms can facilitate cash flow analysis and factoring (a form of alternative credit data) in which MSMEs use receivables as collateral (complementing other forms of collateral, such as real properties) to access finance within traditional lending institutions or elsewhere. 

   As consumer confidence in e-commerce platforms boosts the digital presence of MSMEs, new markets for MSMEs (particularly small retail shops, such as “mom-and-pop” stores providing last-mile services to unbanked and underserved segments in remote areas) emerges. Yet, there have been increasing concerns among policymakers and regulators at national, regional, and international levels......(Please click here to read the full text.)

Emily Lee on Digitalization and Tokenization of Money: Exploring Central Bank Digital Currency Theories and Retail CBDC Developments in China (BFLR)

"Digitalization and Tokenization of Money: Exploring Central Bank Digital Currency Theories and Retail CBDC Developments in China"
Emily Lee
Banking and Finance Law Review, Vol. 41 No. 2, May 2025, pp. 271–300
Published in May 2025

Abstract: Central bank digital currencies (CBDCs) promote financial stability, inclusion and innovation in the digital economy. This article explores and reconceptualizes business management theories to enhance the understanding and characterization of CBDCs. From a theoretical standpoint, the governance, design principles and implementation of CBDCs align with institutional theory, stakeholder theory, technological innovation theory and open innovation theory. The interplay of these theories contributes to a comprehensive understanding of the interactions between CBDC stakeholders and the extensive array of opportunities and challenges presented by CBDCs. The theoretical frameworks are complemented by an examination of central banking legislation and monetary policy, as well as the potential impact on banking law and payment system regulations due to CBDC implementation, considering the significance of existing payment operators in facilitating CBDC distribution. In affording sufficient protection and in the interests of CBDC users, relevant issues in property law, data protection and privacy law are also considered. This article focuses on retail CBDCs, specifically China’s digital currency (e-CNY). As China’s central bank intends to cooperate with the G20 and other international organizations, e-CNY’s cross-border payments could have implications for monetary sovereignty, foreign exchange policies and regulatory compliance. China’s early e-CNY adoption serves as a vital case study for global central banks: CBDCs will likely have regulatory standards that reflect existing financial infrastructures and the ongoing US-China currency competition. This article aims to enhance understanding of legal challenges and practical concerns related to retail CBDCs, covering e-CNY’s core design features, CBDC’s impacts on existing laws, potential regulatory conflicts and competitiveness with existing payment systems. The article posits that account-based CBDCs can be considered a form of book money and can conform to the existing legal framework. Conversely, incorporating CBDCs into the present payment system necessitates recognizing token-based CBDCs as official payment methods, potentially requiring adjustments to pertinent legislation.

Full text of this article is available on SSRN, please click here.

Douglas Arner et al on Centralization in Decentralized Finance: Systemic Risk in the Crypto Ecosystem and Crypto’s Future as a Regulated Industry (Law and Contemporary Problems)

"Centralization in Decentralized Finance: Systemic Risk in the Crypto Ecosystem and Crypto’s Future as a Regulated Industry"
Douglas W Arner, Tanvi Ratna, Sijuade Animashaun, Jatin Bedi, Naveen Mishra
Law and Contemporary Problems, Volume 87, Number 2 (2025), pp. 185 - 210
Published online: April 2025

Introduction: A paradigm shift is manifesting in the global crypto ecosystem. Akin to traditional financial systems, crypto markets have developed networks of complex interrelationships between infrastructures, intermediaries and market participants. As an example, the events of the so-called “Crypto Winter” of 2022-2023, which began in early 2022 with the crash of sister tokens USDTerra and Luna and resulted in a series of cascading failures and collapses including that of the major crypto conglomerate FTX, underscore the significant potential that interconnection, interdependencies, concentration and contagion have in the evolving ecosystem. Compared to traditional finance, which is underpinned by a wide range of regulatory and supervisory interventions of central banks and other international and domestic regulatory bodies, the crypto ecosystem has until recently remained largely unregulated. This however is changing rapidly in major economies around the world and is expected to change as well in the United States, as crypto increasingly becomes a regulated industry. 

The crypto ecosystem is typically described as and characterized by decentralization and disintermediation. We have seen a range of situations however where the system does not operate in this way......

(click here to view full article)

Emily Lee on Advancing Digital Economy and Financial Inclusion through Central Bank Digital Currencies (African Journal of International and Comparative Law)

"Advancing Digital Economy and Financial Inclusion through Central Bank Digital Currencies: A Comprehensive Analysis of Policies and Legal Implications through e-CNY and eNaira"
Emily Lee
African Journal of International and Comparative Law, Volume 33, Issue 1, February, 2025, pp. 1–28
Published online: February 2025

Abstract: This article explores the implementation of Central Bank Digital Currencies (CBDCs) as a proactive measure by central banks to achieve policy objectives such as financial inclusion, data and privacy governance and economic growth in the digital economy. The design concepts of e-CNY and eNaira, the two primary retail CBDC prototypes discussed herein, are shaped by these objectives.

The analysis focuses on regulatory policies, risks and legal implications associated with the shift from conventional digital payments to CBDC payments, using e-CNY and eNaira as case studies. It discusses CBDC’s competitiveness and interoperability within the current payment landscape and other regulatory concerns, such as data and personal privacy, CBDC interface providers’ performance and scalability, cybersecurity, compliance for anti-money laundering regulations and the operational robustness and resilience of payment systems.

By examining these issues and challenges, the article aims to provide a comprehensive understanding of the potential benefits and challenges associated with CBDC implementation. The insights drawn from the e-CNY and eNaira implementations can provide food for thought for governments that wish to work towards implementing secure and user-friendly CBDCs that coexist with traditional financial intermediaries while offering enhanced payment capabilities.

Lucien J. van Romburg on Digital Finance and Regulatory Competition: Regulating Distributed Ledger Technology-Based Financial Products and Services (Wolters Kluwer)

Digital Finance and Regulatory Competition: Regulating Distributed Ledger Technology-Based Financial Products and Services
Lucien J. van Romburg (PhD 2023)
Wolters Kluwer
Publication date: 18 November 2024

Overview: This is a book addressing the question of whether the world’s leading financial centres – Hong Kong, London, and New York – engaged in regulatory competition with one another through their formulation of the rules to govern distributed ledger technology (DLT)-based financial products and services in their respective jurisdictions during the period 2008-2022. In light of this, the book furnishes a clear and cohesive framework to understand the influence of regulatory competition in the world’s major financial centres, utilising a narrative lens built on a comparative study of legal, regulatory, and policy instruments. The outcome is an exhaustive and thought-provoking analysis which distils observations regarding the regulation of DLT-based financial products and services and the potential implications for the future regulation of other novel technologies in the financial services industry.

More details are available here.

Douglas Arner and Christine Wang on Bigtechs and the Emergence of New Systemically Important Financial Institutions: Lessons from the Chinese Experience (EILR)

"Bigtechs and the Emergence of New Systemically Important Financial Institutions: Lessons from the Chinese Experience"
Christine M. Wang, Douglas W. Arner
Emory International Law Review (Vol. 39,  Iss. 1 (2024))
Published online: December 2024

Abstract: Over the past two decades, the emergence of giant technology firms (Bigtechs) has disrupted the traditional way that financial markets operate. These technology giants have leveraged network effects, massive amounts of data, and extensive customer bases to expand into the financial sector and rapidly achieve economies of scale and scope. The expansion of Bigtechs into finance has reinforced the pre-existing trends of digitalization and datafication in finance, which has evolved into a new era of the platformization. With a substantial presence in financial markets, the development of digital finance platforms has enormous potential for enhancing financial inclusion, efficiency and sustainable development. Despite these benefits, there are also many issues and risks in relation to their involvement in financial services, such as the emergence of new “too-big-to-fail” and “too-connected-to-fail” problems and the development of new systemically important financial institutions (SIFIs). In this context, the question is how policymakers and regulators, along with industry and consumers, can effectively leverage the benefits of the platformization of finance while mitigating its risks and negative impacts.

This article focuses on the experience and lessons learned from China, in particular, as it has been a pioneer in the platformization of finance. As the potential problems arising from Bigtechs’ market dominance and economies of scale have become increasingly prominent, they have become the focus of a multi-pronged response from the Chinese government, particularly from the second half of 2020. In the context of digital finance, risks involved in platform-based and highly interconnected financial activities are being addressed via multiple areas of law, including finance, competition and antitrust, data protection and cybersecurity. Based on the Chinese experience, the broad cross-sectoral and rapidly evolving nature of Bigtech businesses requires a reconsideration of the complex interaction between different government policies and regulatory objectives.

Drawing from the lessons of China’s experience, this article frames a number of strategies and recommendations for other jurisdictions that are exploring ways to regulate the emergence of the platformization of finance. Firstly, due to the rapidly evolving nature of Bigtech businesses, it is important to develop regulatory mechanisms that allow for timely review and adaptation to facilitate understanding of innovative financial services before risk events occur. Secondly, the exclusive control of customer data by Bigtechs is likely to undermine competition in financial markets, thus requiring effective data sharing mechanisms, such as Open Finance initiatives, to break data monopolies. Furthermore, given their combination of network effects and economics of scope and scale, digital finance platforms are in increasing cases becoming systemically important. There is a need for both activity-based and entity-based regulations to address risks involved in the interconnected financial businesses of these new SIFIs.

Douglas Arner et al on Monetary Hegemony: Technological Evolution and the International Monetary System (ILJ)

"Monetary Hegemony: Technological Evolution and the International Monetary System"
Douglas W. Arner, Ross P. Buckley, Dirk A. Zetzsche, and Anton N. Didenko
Boston University International Law Journal, ILJ 42.2 — Summer 2024
Published online: October 2024

Abstract: In this article, we analyze the evolution of the international monetary system. Today’s system is built around the US dollar as the core international monetary instrument, supported by a range of international institutions (in particular the International Monetary Fund and the Bank for International Settlements) and domestic and cross-border payment systems, some public, some private, some mixed. The foundation of this system are major central banks, in particular the US Federal Reserve, responsible for US dollar issuance, and with a twin mandate for both monetary stability and economic growth along with financial stability, all backed by a range of regulatory mandates focusing on payments infrastructure and finance. This system, established after World War II as the Bretton Woods international monetary system, has evolved from one based fundamentally on gold and physical payment and financial arrangements, to one—particularly following the end of the Bretton Woods system of currencies fixed to the US dollar and the evolution of a floating exchange rate system from the early 1970s—based on digital systems, with the approximately $7.5 trillion of foreign exchange transactions each day almost entirely digital. This system however has been subject to criticism almost since its inception, with continual calls to reduce the international monetary hegemony of the US dollar. Over the past fifteen years, since the 2008 Global Financial Crisis weakened confidence in the US-led international monetary and financial order, criticisms and calls for reform have become increasingly common globally. In this Article, we highlight two aspects of international monetary evolution which have been under-addressed: the role of technology and the role of law. Following a discussion of the evolution of the international monetary system focusing in particular on the interaction of monetary hegemony, technological evolution and the role of legal arrangements (public, private, domestic, international), we turn to our central thesis: a technological revolution in monetary and payments systems is introducing alternatives and competitors to the existing international monetary regime based on the US dollar and offers the opportunity to build an improved international system, a system which, for the first time, may not be based on a single dominant monetary instrument. We bring these various elements together to consider a range of scenarios for the future of the international monetary system, highlighting in particular new initiatives from the IMF and BIS which could serve as the basis of new international multicurrency payment arrangements. We analyze the new technologies which could underpin such a new system and the possible role of a Digital Dollar. We conclude that the geopolitics of a multipolar world coupled to the evolution of enabling technologies may well result in a small number of major economy central bank digital currencies and currency areas, eliminating the historical pattern of monetary hegemony. There is a clear need to redesign systems to support international monetary and payment arrangements as a public good, and we explore how this might be achieved.

Sijuade Animashaun on Data Governance in China’s Digital Market Economy (HKLJ)

"Data Governance in China’s Digital Market Economy"
Sijuade Animashaun (PhD candidate)
Hong Kong Law Journal, Vol. 54, Part 1 of 2024, pp.253 - 284

Abstract: The article explores the extant literature to articulate the theories at the background of the fundamental dynamics and platform business models driving the Chinese digital economy. It further highlights the challenges and opportunities these data-driven innovators pose to Chinese consumers and financial market efficiency, particularly competition and competitiveness (monopoly), stability and consumer data privacy protection. To these concerns, it provides an overview of the consumer-centric framework in the recent Chinese Personal Information Protection Law and offers critical analysis of the possibilities and drawbacks of the newly introduced right to data portability in Art 45. The use of theories and critical analysis in the paper is intended to provide a deep understanding of the prospects and limitations of the consumer-centric framework within the Chinese data governance regime and the areas in need of further regulatory interventions.

Please click here to view the full article on SSRN.

Douglas Arner et al on The financialisation of Crypto: Designing an international regulatory consensus (CLSR)

"The financialisation of Crypto: Designing an international regulatory consensus"
Douglas Arner, Dirk A Zetzsche, Ross P Buckley, Jamieson M Kirkwood
Computer Law and Security Review, Volume 53
Published online: May 2024

Abstract: Bitcoin was presented in 2008 as a technology-driven alternative to the weaknesses of the traditional monetary, payment and financial systems dramatically highlighted by the Global Financial Crisis of 2008. The underlying technology – blockchain and distributed ledger technology – was posed as a technological solution to the problems of trust, confidence, transparency and behaviour traditionally addressed in finance through a framework of law, regulation and institutions (including markets and the state). Cryptocurrencies, blockchain, distributed ledger technology and decentralised finance were designed to address the weaknesses and risks in traditional finance. Yet fifteen years of evolution culminating in the Crypto Winter of 2022–23 have demonstrated that crypto is neither special nor immune and has come to feature all the classic problems of traditional finance. As the crypto ecosystem has evolved, the market failures and externalities of traditional finance have emerged – a process we term the ‘financialisation’ of crypto. These include conflicts of interests, information asymmetries, centralisation and interconnections, over-enthusiastic market participants, plus agency, operational and financial risks. We argue that (a) in order to develop successfully going forward, the crypto ecosystem needs to assimilate the centuries of experience of underpinning traditional finance with law and regulation, and (b) in the aftermath of the Crypto Winter, an international consensus is crystalising in respect of the regulation of the crypto ecosystem. We argue regulatory systems are now being instituted to ensure the proper functioning of crypto and its interconnections with traditional finance. The lessons of the financialisation of crypto also apply more broadly: appropriately designed regulatory systems are central to financial market functioning and development.

Douglas Arner et al on Sustainability, Financial Inclusion and Efficiency: A Trilemma or a Trifecta for the Regulation of Digital Finance? (Banking & Finance Law Review)

"Sustainability, Financial Inclusion and Efficiency: A Trilemma or a Trifecta for the Regulation of Digital Finance?"

Zetzsche, Dirk A; Arner, Douglas W; Buckley, Ross P.

Banking & Finance Law Review

Vol. 39, Iss. 3

Published online: August 2023

Abstract: This article argues that the digital transformation of finance is being driven by the quests for (i) efficiency, (ii) financial inclusion, and (iii) sustainability. These in turn are central to regulatory approaches to digital finance. We argue that - rather than a trilemma - the three factors in fact form a mutually reinforcing trifecta which can be supported and reinforced via appropriate policy, regulation and infrastructure. These three factors are necessarily intertwined: financial inclusion underpins long-term oriented economies, and unsustainable outcomes generate numerous risks for finance.

Julien Chaisse & Jamieson Kirkwood on Taxing the Future: Digital Stateless Income, Business Organisation, and the Search for a New Regulatory Paradigm (Singapore Journal of Legal Studies)

"Taxing the Future: Digital Stateless Income, Business Organisation, and the Search for a New Regulatory Paradigm"

Julien Chaisse & Jamieson Kirkwood

Singapore Journal of Legal Studies

Published in September 2022 

pp. 267-289

Abstract: At a time when “stateless income” is the main tax imperative, this article analyses the challenges of internationalising taxation of multinational enterprises in the digital economy and traversing the normative solutions provided so far (and still to be provided) by both coordinated and unilateral rules and policies. In such a way, this article is therefore firmly entrenched at an important intersection of comparative and business law. Considering that the main problem for tax authorities might be that they have remained national—and landlocked—whereas multinational enterprises operate globally—and virtually, this article also brings into the analysis the connected issues of free trade, globalization, and State sovereignty. The article demonstrates the necessity for international and multilateral solutions such as the Organization for Economic Cooperation and Development’s Base Erosion and Profit Shifting project’s “Two-Pillar” solution and explains how this solution can be supplemented by other multilateral reforms.

Douglas Arner on Digital Finance, Financial Inclusion and Sustainability: Building Better Financial Systems (RGC SFS)

Digital finance has accelerated its influence on financial systems in the wake of crises including the COVID-19 pandemic, geopolitical conflicts, climate change and market volatilities across the globe.

      Awardee of the 2020/21 Research Grants Council (RGC) Senior Research Fellow Scheme, Douglas Arner (Kerry Holdings Professor in Law at The University of Hong Kong) leads his team in the exploration on digitisation and its effects on finance and regulation through new technologies.

     In collaboration with the Alliance for Financial Inclusion and alignment with the United Nations Sustainable Development Group, the Senior Research Fellow Scheme project strategises to enable FinTech and RegTech solutions to build relationships between digital payments and financial inclusion. Watch this video to learn more about the project’s initiatives.

Douglas Arner et al on Digital Finance, Financial Inclusion, and Sustainable Development: Building Better Financial Systems

"Digital Finance, Financial Inclusion, and Sustainable Development: Building Better Financial Systems"
Douglas Arner, Ross Buckley, Dirk Zetzsche, and Artem Sergeev
in J Beirne, J Villafuerte & B Zhang (eds), Fintech and Covid-19: Impacts, Challenges, and Policy Priorities for Asia (ADB Institute 2022) ch 7
Published in 2022

Introduction: The year 2020 marked the start of a new decade and a new period of evolution for the global financial system and the global economy. It also brought the first global pandemic of the 21st century, and the worst in over 100 years, since the Spanish flu of 1918. The coronavirus disease (COVID-19) pandemic has caused significant social and economic disruption, with developing countries most severely impacted, across Asia and globally. Everywhere, the greatest toll has fallen on those most vulnerable, damaging to human development across the globe. The invasion of Ukraine at the beginning of 2022 is worsening the situation, particularly for the most vulnerable countries.

Douglas Arner et al on Decentralized Finance (Journal of Financial Regulation)

"Decentralized Finance"
Dirk A Zetzsche, Douglas W Arner, Ross P Buckley
Journal of Financial Regulation, Volume 6, Issue 2, pp.  172–203
Published in September 2020

Abstract: DeFi (‘decentralized finance’) has joined FinTech (‘financial technology’), RegTech (‘regulatory technology’), cryptocurrencies, and digital assets as one of the most discussed emerging technological evolutions in global finance. Yet little is really understood about its meaning, legal implications, and policy consequences. In this article we introduce DeFi, put DeFi in the context of the traditional financial economy, connect DeFi to open banking, and end with some policy considerations. We suggest that decentralization has the potential to undermine traditional forms of accountability and erode the effectiveness of traditional financial regulation and enforcement. At the same time, we find that where parts of the financial services value chain are decentralized, there will be a reconcentration in a different (but possibly less regulated, less visible, and less transparent) part of the value chain. DeFi regulation could, and should, focus on this reconcentrated portion of the value chain to ensure effective oversight and risk control. Rather than eliminating the need for regulation, in fact DeFi requires regulation in order to achieve its core objective of decentralization. Furthermore, DeFi potentially offers an opportunity for the development of an entirely new way to design regulation: the idea of ‘embedded regulation’. Regulatory approaches could be built into the design of DeFi, thus potentially decentralizing both finance and its regulation, in the ultimate expression of RegTech.

Emily Lee on Digital Financial Inclusion: Observations and Insights from Hong Kong's Virtual Banks (Law and Contemporary Problems)

"Digital Financial Inclusion: Observations and Insights from Hong Kong's Virtual Banks"

Emily Lee
Law and Contemporary Problems
2021, Issue 84, pp. 95-113

Abstract: This Article examines issues affecting virtual banks, specifically those issues related to the financial technology (fintech) disruption and dealing with alternative banking and finance. It covers an expansive interpretation of Hong Kong regulatory law regarding the requirements for the authorization of virtual banks, with an accompanying study and critique of the financial industry’s collection and storage of digital data in relation to privacy, drawing inspiration from international norms. It then discusses those regulations in terms of their effect on digital financial inclusion. Finally, it evaluates some potential challenges facing fintech lenders, virtual banks included, in a regulatory environment that promotes digital financial inclusion while seeking to manage financial consumerism. This Article adds to the literatures of banking, finance, information technology management, and consumer protection law enforcement by analyzing the latest digital financial inclusion developments in Hong Kong, following the Hong Kong Monetary Authority’s (HKMA) issuing of virtual bank licenses in 2019 in an effort to promote financial inclusion and fintech innovation.

     This Article focuses on the connection between financial inclusion and digital financial inclusion as it assesses the role of virtual banks in Hong Kong’s financial inclusion agenda because this connection may be key to virtual banks’ success. This Article undertakes the original contribution of examining why Hong Kong’s inflexible capital requirement, unclear demands on digital banking innovation, and outdated laws against technical risks may render its financial inclusion policy less effective.

Douglas Arner et al on the Evolution and Future of Data-Driven Finance in the EU (Common Market Law Review)

"The Evolution and Future of Data-Driven Finance in the EU"

Zetzsche Dirk, Douglas Arner, Ross Buckley, Rolf H. Weber

Common Market Law Review, Issue 57, pp. 331-360
published in 2020

Abstract: Europe’s path to digitization and datafication in finance rests on four pillars: (1) extensive reporting requirements imposed after the global financial crisis to control systemic risk and change financial sector behaviour; (2) strict data protection rules reflecting European concerns about dominant actors in the data and technology industries; (3) the facilitation of open banking to enhance competition in banking and payments; and (4) systems for digital identification for individuals and legal entities designed to further the Single Market and enhance financial integrity and transparency. The article analyses these pillars and suggests that - together - they are triggering a transition to data-driven finance and will underpin the future of digital financial services in the EU. The pillars bolster an emerging ecosystem which aims to promote a balance among a range of sometimes conflicting objectives, including systemic risk, data security and privacy, efficiency, customer protection, and market integrity. As well as supporting digital financial transformation in Europe, the EU experiences provide important insights for other societies in developing regulatory approaches to the intersection of data, finance and technology.

HKU Law's Webinar Series: Exploring the Legal Challenges Arising from COVID-19

The COVID-19 pandemic has posed unprecedented challenges to businesses and people around the world. In this challenging time, the HKU Faculty of Law in collaboration with its research centres have organized a webinar series exploring the legal challenges arising from the pandemic. 

The Fourth Seminar on "Assessing the Risks and Uncertainties with the Covid-19 Litigations Against China" was presented by the Director of the Center for Chinese Law, Dr Angela Zhang, and Stephen A. Cozen Professor of Law at the University of Pennsylvania Carey Law School Professor Jacques deLisle on 15 May. To view the webinar, click here. To view Professor deLise’s commentary about this topic, click here. To view Dr Zhang’s op-ed about this topic, click here.

The Third Seminar on "COVID-19 – A Trigger for Mindset, Policy and Infrastructure Changes Regarding Ai, Lawtech and Regtech" was presented by the LITE Lab@HKU Founding Executive Director, Brian Tang on 6 May. To view the webinar, click here.

The Second Seminar on "State and Professional Autonomy: Conflicting Rights and Obligations in the State-Profession Relationship" was presented by the CMEL Deputy Director, Ms Daisy Cheung & Associate Professor Dr Calvin Ho on 30 April. To view the webinar, click here. To view the powerpoint, click here: Link to the powerpoint.

The First Seminar on "Digital Finance & Crisis" was presented by the AIIFL Director, Professor Douglas W. Arner, on 15 April. To view the webinar, click here. To view the paper and the powerpoint, click here: Link to the paper / Link to the powerpoint.