FINANCIAL EQUALITY, THE IGNORED HUMAN RIGHT: HOW E-CURRENCIES CAN LEVEL THE PLAYING FIELD

Zeina Abu-Meita, Nick Inglis

Abstract


Digitisation of currency is inevitable as less people are using cash, and the reliance on plastic, apps, and online services is ever increasing. Anonymity/privacy, equal access to financial services, and monetary sovereignty are but a few issues that arise from digitisation. Because most e-financial services are provided through corporate means, anonymity/privacy have been eroded while also excluding those who are not target clients, creating a gap in financial equality. Governments could remedy the contention by enshrining in the law access to financial services as a human right for their citizens. The law and human rights would then drive the direction of the technology, rather than commercial interests.

Full Text:

PDF

References


REFERENCE LIST

A Articles/Books/Reports

Abiad, N, Sharia, Muslim States and International Human Rights Treaty Obligations: A Comparative Study (British Institute of International and Comparative Law, 2008)

AFP, 'Emergency Talks as Greek Exit from Euro Looms', News.com.au (online, June 29 2015)

Andriotis, Konstantinos, 'Problems of Island Tourism Development: The Greek Insular Regions' in Bill Bramwell (ed), Coastal Mass Tourism: Diversification and Sustainable Development in Southern Europe (Channel View Publications, 2004)

BBC News, 'Greece adopts more austerity measures in bailout bid' BBC News (online, 18 May 2019)

Benvenisti, Eyal, The International Law of Occupation (Oxford University Press, 2nd ed, 2012)

Bishop, John A, Rafael Salas and Jacques Silber, Inequality, Mobility, and Segregation Essays in Honor of Jacques Silber (Emerald Group Publishing Limited, 2012)

Bremmer, Ian and Leon Levy, 'What the World Can Learn from the Greek Debt Crisis', Time (online, 29 August 2018)

Chavolla, Matla Garcia, 'Cashless Societies and the Rise of the Independent Cryptocurrencies: How Governments Can Use Privacy Laws to Compete with Independent Cryptocurrencies' (2018) 31(1) Pace International Law Review

Chutel, Linsey, 'West Africa Now Has Its Own Digital Currency', Quartz Media LLC (online, 28 December 2016)

Copeland, Laurence S, Exchange Rates and International Finance (Pearson, 5th ed, 2008)

Darweish, Marwan, 'Human Rights and the Imbalance of Power: The Palestinian-Israeli Conflict' in Beatrix Schmelzle and Véronique Dudouet (eds), Human Rights and Conflict Transformation: The Challenges of Just Peace (Berghof Conflict Research, 2010)

Dickson, Daniel, 'Swedish Central Bank Eyeing e-Currency', Reuters (online, 16 November 2016)

Dimitri, Papadimitriou B, Nikiforos Michalis and Gennaro Zezza, 'The Greek Public Debt Problem' (2016) 25(Esp) Nova Economia 777

Eberharter, Veronica V, 'Intergenerational Educational Mobility and Social Exclusion - Germany and the United States Compared' in John A. Bishop and Rafael Salas (eds), Inequality, Mobility and Segregation: Essays in Honor of Jacques Silber (Emerald Group Publishing Limited, 2012)

Falk, Richard and Virginia Tilley, Israeli Practices Towards the Palestinian People and the Question of Apartheid, (Report E/ESCWA/ECRI/2017/1, 2017)

Fioramonti, Lorenzo, 'How Complementary Currencies Can Save Europe', Open Decmocracy (online, 12 December 2016)

Goforth, Carol R, 'How Blockchain Could Increase the Need For and Availability of Contractual Ordering for Companies and Their Investors' (2019) 94(1) HeinOnline

Hannum, Hurst, 'The UDHR in National and International Law' (1998) 3(2) Health and Human Rights

Hayne, Kenneth Madison, 'Final Report: Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry' (Report, 1 February 2019)

Israel, Solomon, 'TD Bank on Defensive After CBC Stories, Stock Plunge', CBC News (British Columbia) (online, 13 March 2017)

Jayasree, Vikas and Rethnamoney Vijayalakshmi Siva Balan, 'A review on data mining in banking sector' (2013) 10(10) American Journal of Applied Sciences 1160

Johnson, Erica, '"We Do It Because Our Jobs Are at Stake": TD Bank Employees Admit to Breaking the Law for Fear of Being Fired', CBC News (British Columbia) (online, 10 March 2017)

Kaplanoglou, Georgia and Vassilis T. Rapanos, 'Evolutions in Consumption Inequality and Poverty in Greece: The Impact of the Crisis and Austerity Policies' (2018) 64(1) Review of Income and Wealth 105

Lacy, Sarah, 'India’s Mighty Microeconomy', Fast Company (online, 2 September 2011)

Maurer, Bill, How Would You Like to Pay? How Technology Is Changing the Future of Money (Duke University Press Books, Kindle ed, 2015)

Narayanan, Arvind et al, Bitcoin and Cryptocurrency Technologies: A Comprehensive Introduction (Princeton University Press, 2016)

Panurach, P, 'Money in Electronic Commerce: Digital Cash, Electronic Fund Transfer, and Ecash' (1996) 39(6) Communications of the ACM 45

Pulakkazhy, Srekumar and Rethnamoney Vijayalakshmi Siva Balan, 'Data Mining in Banking and its Applications — A review' (2013) 9(10) Journal of Computer Science 1252

Purkiss, Jessica, 'The Palestinians of Lebanon; a Life of Curtailed Rights and Limited Opportunities', Middle East Monitor (online, 24 November 2014)

Regan, Priscilla, 'Privacy and Commercial Use of Personal Data: Policy Developments in the United States' (2003) 11(1) Journal of Contingencies and Crisis Management 12

Salamah, Najah Hassan, 'Impact of Electronic Banking Services on Bank Transactions' (2017) 9(2) International Journal of Economics and Finance 111

Sami, Mandie, 'Bitcoin Traders Accuse Australia's Biggest Banks of Declaring War on Cryptocurrencies', ABC News (online, 22 September 2015)

Smith, Helena, 'Yanis Varoufakis May Face Criminal Charges Over Greek Currency Plan', The Guardian (online, 30 July 2015)

Sologon, Denisa Maria and Cathal O’Donoghue, 'Earnings Mobility, Earnings Inequality, and Labor Market Institutions in Europe' in John A. Bishop and Rafael Salas (eds), Inequality, Mobility and Segregation: Essays in Honor of Jacques Silber (Emerald Group Publishing Limited, 2012)

Stiglitz, Joseph E, 'Joseph Stiglitz on Global Economic Instability in the Age of Trump', The Sunday Edition (Online, 19 February 2017)

Stiglitz, Joseph E, The Euro (Penguin Books Ltd, Kindle ed, 2017)

Stiglitz, Joseph E, The Euro: How a Common Currency Threatens the Future of Europe (W W Norton, 2017)

TD Bank Group Reports Second Quarter 2016 Results (Report, 25 May 2016)

Tennant, David and Richard Sutherland, 'What Types of Banks Profit Most from Fees Charged? A Cross–Country Examination of Bank–Specific and Country–Level Determinants' (2014) 49 Journal of Banking and Finance, 178

Trubik, E and M Smith, 'Developing a Model of Customer Defection in the Australian Banking Industry' (2000) 15(5) Managerial Auditing Journal 199

UN Office for the Coordination of Humanitarian Affairs, 'Illegal Discrimination Against Palestinians in Lebanon', The Electronic Intifada (online, 17 October 2007)

Wilson, Stephen, 'Blockchain Really Only Does One Thing Well', The Conversation (online, 20 July 2016)

Yerkes, Sarah and John Polcari, 'An Underexploited Opportunity', Carnegie: Middle East Center (Online, 20 December 2017)

B Cases

Sosa v Alvarez-Machain, 542 03-339, US 692 (2004)

C Legislation

Canada Act 1982 (UK)

D Treaties

Universal Declaration of Human Rights, UN GAOR, UN Doc A/810 (10 December 1948)

E Other

Aeternity, 'Proof of Work vs Proof of Stake', Aeternity (Web Page, 10 August 2018)

American Bar Association et al, 'Digital and Digitized Assets: Federal and State Jurisdictional Issues', (Web Page, March 2019)

Butcher, Mike, 'PayPal Brushes-off Request from Palestinian Tech Firms to Access the Platform', TechCrunch (Web Page, 9 September 2016)

Carrig, David, '$5 to Access Your Own Money? ATM Fees Jump to Record High and These Cities are the Worst', USA Today (Web Page, 3 October 2017)

Christian Aid, 'Palestinians' Right to Work in Lebanon', Christian Aid (Web Page, 3 June 2019)

Cockayne, James and Julie Oppermann, 'Financial Sector Compliance to Address Modern Slavery and Human Trafficking' (Secretariat Briefing Paper, No 1, Financial Sector Commission 2018).

Committee on Payments and Market Infrastructures and Markets Committee, 'Central Bank Digital Currencies' (Report, Bank for International Settlements, March 2018)

'Digital Fiat Currency Issued by the Central Bank', Ecurrency.net (Web Page, 2015)

Dimitri, Papadimitriou B, Nikiforos Michalis and Gennaro Zezza,'The Greek Economic Crisis and the Experience of Austerity: A Strategic Analysis' (2013) July Levy EconomicInstitute 1

‘Discover, Invest In, and Trade Growth Companies', Funderbeam

'eCurrency Mint', Omidyar Network (Web Page, 2016)

Eichholz, Liesl, 'The Rise of Microeconomy Ecosystems; Modelling Medium-of-Exchange Token Microeconomies as Ecosystems', Centrality (Web Page, 30 January 2018)

Funderbeam, ‘Discover, Invest In, and Trade Growth Companies', Unlocking liquidity for successful investing an open and transparent platform that makes it (Web page, 2019)

Frankenfield, Jake, ‘Cryptocurrency’, Investopedia (Web Page, 12 February 2019)

Frankenfield, Jake, 'Digital Currency', Investopedia (Web Page, 3 May 2018)

Frankenfield, Jake, 'Digital Money', Investopedia (Web Page, 8 July 2018)

Frankenfield, Jake, 'Virtual Currency', Investopedia (Web Page, 3 May 2018)

'Gaza: Shortage of Sanitation Infrastructure Raises Health and Environmental Concerns', United Nations Office for the Coordinatin of Humanitarian Affairs, (Web Page, 4 July 2016)

'Greek Taxation: A National Sport No More', The Economist (Web Page, 3 November 2012)

'How the Poor Subsidise the Rich: What’s Wrong with Overdraft Fees?', The Economist (Web Page, 2 August 2010)

'Improvements to the Mechanism for the Import of Restricted Items to Gaza Likely to Facilitate Implementation of Humanitarian Interventions', United Nations Office for the Coordinatin of Humanitarian Affairs (Web Page, 18 March 2019)

International Labour Organization, 'Palestinian Employment in Lebanon: Facts and Challenges' (Report, International Labour Organization, 2012)

Malstev, Pavel, 'A Next-Generation Smart Contract and Decentralized Application Platform', GitHub (Web Page, 4 March 2019)

Mancini-Griffoli, Tommaso, et al, Casting Light on Central Bank Digital Currency (Report, SDN/18/08, 12 November 2018)

McDonald, Fiona and Stephen Duckett, 'The Public/Private Health Service Divide: An Australian and Canadian Comparison' (Speech, ACSANZ Canadian Studies Symposium, Brisbane, 15 March 2019)

Morys, Matthias, ‘Greece in a Monetary Union: Lessons from 100 Years of Exchange Rate Experience’, VOXEU (Web Page, 10 May 2016)

'New System Regulating the Import of Building Materials', United Nations Office for the Coordinatin of Humanitarian Affairs (Web Page, September 2014)

Piscini, Eric and Simon J Lapscher Rosenberg, 'State-Sponsored Cryptocurrency: Adapting the Best of Bitcoin’s Innovation to the Payments Ecosystem' (Report, Deloitte Development LLC, 2015).

Prater, Connie, 'Banks Add New $3 Fee for Accessing Your Own Money with Debit Card', Creditcards (Web Page, 16 August 2011)

Radecki, Lawrence J, 'Banks' PaymentsDriven Revenues' (Research, Federal Reserve Bank of New York, 1999)

Republic of Estonia, 'Who is Eligible' Republic of Estonia: E-Residency (Web Page)

Republic of Estonia, 'Why Estonia Offers e-Residency' Republic of Estonia: E-Residency (Web Page)

Reserve Bank of Australia, 'Governance Reserve Bank of Australia', Reserve Bank of Australia (Web page, 2019)

'Responding to Emerging Humanitarian Needs During the Hostilities', United Nations Office for the Coordinatin of Humanitarian Affairs (Web Page, August 2014)

Riksbank, Sveriges, 'Riksbankens e-krona 14 March 17 Project Plan' (Report, Riksbank, 2017).

Schnurer, Eric B, 'E-Stonia and the Future of the Cyberstate', Foreign Affairs (Web Page, 28 January 2015)

'Survey of Refugees' BADIL Resource Center for Palestinian Residency and Refugee Rights (Web Page, 2017)

The Mekong Club, 'Using Blockchain to Combat Modern Day Slavery' (Report, The Mekong Club, 2018)

'The Trust Machine: the Technology Behind Bitcoin Could Transform How the Economy Works', The Economist (Web Page, 31October 2015)

Thomas, Paul, 'Money Manufacture: How Governments Make Money by Making Money', LinkedIn (Web Page, 23 November 2015)

'Tunisia Learns from Estonia to Develop Their e-Government' e-Governance Academy (Web Page, 2018)

'Tunisia is the First Country to Put National Currency on Blockchain', FTReporter (Web Page, 29 November 2016)

'Tunisia to Become First in the World to Issue Its National Currency Via Advanced Cryptofinance Tech', TechMoran (Web Page, 21 December 2015)

'UFA2020 Overview: Universal Financial Access by 2020', The World Bank (Web Page, 1 October 2018)

UNRWA, 'Palestine Refugees', UNRWA (Web Page, 2019)

UNRWA, 'Who We Are', United Nations Relief and Works Agency for Palestine Refugees in the Near East (Web Page, 2019)

Varoufakis, Yianis, 'Bitcoin: a Flawed Currency Blueprint with a Potentially Useful Application for the Eurozone', Yianis Varoufakis (Web Page, 15 February 2014)

Varoufakis, Yianis, 'Digital Economies: Markets, Money and Democratic Policies Revisited' (Conference Paper, The CFA Institute Annual Conference 2014: The Future of Finance, May 8 2014)

Whitley, Alan, Master Planning the Economy of the Cocos (Keeling) Islands; A Discussion Paper on a Closed System Micro Economy (Discussion Paper, no 38, 2014).

Young, Joseph, 'Senegal Introduces Cryptocurrency Based on its National Currency', The CoinTelegraph (Web Page, 27 November 2016)