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Lecturer(s)
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Kohajda Michael, doc. JUDr. Ph.D.
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Kozieł Michal, Dr. Mgr. Ph.D.
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Melotíková Petra, Mgr. Ph.D.
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Course content
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1) Cryptoassets and their regulation 2) Central bank digital currencies and other alternative currencies 3) Smart contracts and decentralised finance
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Learning activities and teaching methods
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Monologic Lecture(Interpretation, Training), Dialogic Lecture (Discussion, Dialog, Brainstorming)
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Learning outcomes
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Semester topic: money, cryptoassets and central banking The compulsory elective course Financial Law and Digital Technologies 4 is defined by the supporting theme Money, Cryptoassets and Central Banking. Within this theme, the focal point is innovation in the form of crypto-assets and its use not only in payment and contract settlement. The course is divided into 3 areas, with 2 seminars devoted to each of them. These areas are: 1) Cryptoassets and their regulation 2) Central bank digital currencies and other alternative currencies 3) Smart contracts and decentralised finance By completing the course, students will gain an understanding of what cryptoassets are and how regulation treats them. The introductory topic focuses on the basic aspects of cryptoassets, how they work and how they are subject to regulation. While the explanation is primarily focused on financial regulation, attention must also be paid to the private law aspects of cryptoassets. With regard to the possible use of crypto-assets also in payment transactions, the topic of digital currencies issued by central banks is also at the forefront, where reference can be made, for example, to the digital euro project. Central bank digital currencies are intended to create an alternative to private money issued by commercial banks and are therefore a topic with the potential to influence economic processes. Students should therefore be familiar with the basics of money issuance, the definition of digital currencies and the impacts that the implementation of central bank digital currencies could bring. At the same time, alternative uses of existing cryptocurrencies for payments will also be discussed. The last topic focuses on decentralised finance, which can hardly be affected by regulation, and the issue of smart contracts, the nature of which consists in embedding legal relationships in the source code of the relevant technology, which, if the anticipated conditions of the contract are met, will ensure the automatic settlement of legal relationships. Thus, students will seamlessly build on the knowledge gained on the alternative use of crypto-assets for payments, which are often used specifically to settle smart contracts. From the explanation of the topic of decentralized finance, students learn about the complex regulatory challenges that the development of technology can bring. By taking Financial and Tax Law and Digital Technologies 4, students should develop an understanding of what cryptoassets are as a use of technology that has driven the financial sector in recent years, what their use is in payments, and how they can be used to settle transactions whose regulation is defined through source code. In the course of the course, students work with the text of the legislation and learn to search for relevant information in relation to specific digital innovations. In addition, students study case law and administrative decisions of supervisory authorities, which are discussed in the course.
By completing Financial and Tax Law and Digital Technologies 4, the student will gain an understanding of what cryptoassets are as a use of technology that has been driving the financial sector in recent years, their use in payments, and how they can be used to settle transactions whose regulation is defined through source code.
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Prerequisites
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Completion of this course is contingent upon completion of the course Legal Theory of Information Technologies 1 and 2 Information Technologies for Law and Legal Science 1 and 2 Financial and Tax Law and Digital Technologies 1 - 3
MEP/TLTT1 and MEP/TLTT2 and MEP/TIT1 and MEP/TIT2 and VPK/TFDT2 and VPK/TFDT1 and VPK/TFDT3
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Assessment methods and criteria
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Student performance
Active participation of the student in seminars, preparation of a semester project and its oral defence are required. Full-time students must attend at least 80% of the seminars, while combined students must attend 50% of the seminars and one individual consultation.
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Recommended literature
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AGUR, I., ARI, A., DELL'ARICCIA, G. (2023). Designing Central Bank Digital Currencies. International Monetary Fund.
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AVGOULEAS, E., A., MARJOSOLA, H. (2021). Digital Finance in Europe: Law, Regulation, and Governance. De Gruyte.
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BINDSEIL, U. (2020). Tiered CBDC and the Financial System. European Central Bank.
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BRUMMER, CH. (2019). Cryptoassets: Legal, Regulatory, and Monetary Perspectives. Oxford University Press.
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HAAPIO, H., CORRALES, M., FENWICK, M. (2019). Legal Tech, Smart Contracts and Blockchain. Springer Nature.
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HARVEY, R., C., RAMACHANDRAN, A., SANTORO, J. (2021). DeFi and the Future of Finance. Wiley.
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MAUTE, L., FROMBERGER, M., MAUME, P. (2022). The Law of Crypto Assets. Bloomsbury Academic.
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TAN, B. (2023). Central Bank Digital Currency and Financial Inclusion. International Monetary Fund.
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