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Emory International Law Review

Heng Wang

Abstract

In a rapidly digitalizing world, complex disputes arise due to technological, regulatory, and other complexities. Public and private actors—including central banks, financial institutions, tech firms, and law firms—need to understand the complexity of these disputes before determining whether and how to engage with ongoing digitalization.

Given the fundamental role of currency in the world economy, this article examines central bank digital currency (CBDC) as a pivotal case study. CBDCs, representing the digitalization of central bank money, are a novel digital form of national currency issued by central banks. Various central banks, including those of the Eurozone, Switzerland, the United Kingdom, and China, are actively exploring CBDCs. Many states, such as China, are also exploring their possible cross-border use. There have been over ten cross-border CBDC projects, reflecting early experimentation with new infrastructures and practices. Despite these developments, the multifaceted nature of disputes arising from digitalization remains a critically understudied area.

Drawing from the case of CBDCs, this article addresses a key question: how to understand the complexity of disputes over digitalization? This study applies a structured framework—analyzing social (stakeholder interests and approaches), material (subject matter and party perceptions), and temporal (timing and evolution of disputes) dimensions—to dissect these digital disputes. Through a critical analysis of these dimensions, this article offers a forward-looking approach to understanding disputes in the digital age. It contributes to both theory and practice by: (i) offering a critical analysis of the practical constraints actors face when addressing disputes stemming from digitalization, and (ii) bridging the silos of dispute settlement and digital transformation, thereby fostering a more integrated approach to governance and regulation.

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