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Border Problems: Mapping the Third Border
Author(s) -
Allen Jason Grant,
Lastra Rosa María
Publication year - 2020
Publication title -
the modern law review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.37
H-Index - 22
eISSN - 1468-2230
pISSN - 0026-7961
DOI - 10.1111/1468-2230.12506
Subject(s) - cyberspace , sovereignty , jurisdiction , politics , the internet , political science , domain (mathematical analysis) , virtual currency , business , internet privacy , law , economics , computer science , mathematical analysis , mathematics , currency , monetary economics , world wide web
The Internet has become the site of economically relevant objects, events and actions, as well as the source of potential risks to the financial systems. This article builds on a metaphor of ‘border problems’ in financial regulation, exploring a ‘third border’ between the ‘real world’ and ‘cyberspace’—a virtual domain of human interaction facilitated and conditioned by digital communications systems. Reviewing the ‘cyber‐sovereignty’ debate and surveying the divergent approaches now emerging along geo‐political faultlines, we argue that sovereign states still have a unique and irreplaceable role in guarding financial stability which must be reflected in the law of Internet jurisdiction: an emerging lex cryptographica financiera . We conclude with a few observations on how this could affect the design of financial regulation in the coming decade.