An UiS School of Business and Law Seminar with Hüseyin Can Aksoy, Associate Professor of Civil Law at Bilkent University Faculty of Law.
Welcome to the UiS School of Business and Law seminars
At this event two presentations will be given.
Seminar 1: Navigating Data Protection Challenges in Blockchain Technology
Seminar 2: Central Bank Digital Currencies (CBDCs) and Stablecoins: Global Legal Frameworks
- Date: Friday May 9th
- Time: 11:00-13:00
- Place: Elise Ottesen-Jensens Building, room EOJ 276/277
- Join the seminars on Zoom
(Meeting ID: 650 0947 8882 Password: 015842)
Seminar 1: Navigating Data Protection Challenges in Blockchain Technology
Speaker: Hüseyin Can Aksoy (Associate Professor of Civil Law at Bilkent University Faculty of Law
Abstract:
Blockchain technology poses significant challenges for data protection law, as its decentralized and immutable nature can conflict with fundamental principles such as data minimization, purpose limitation, and the right to erasure. Traditional data protection frameworks, like the General Data Protection Regulation (GDPR), operate on the premise that data processing occurs within centralized systems, where identifiable data controllers and processors can be held accountable. Additionally, these laws assume that personal data can be modified or erased when necessary to comply with legal obligations or individual rights. However, these assumptions do not align with the way blockchain functions, making it difficult to reconcile decentralized data processing with established privacy regulations.
To address these challenges, various legal and technical solutions have been proposed. Techniques such as off-chain storage, hashing, and zero-knowledge proofs may offer ways to reconcile blockchain's transparency with privacy requirements. Legal scholars and regulators are also exploring new interpretations of liability and accountability within decentralized frameworks. This discussion aims to analyze the intersection of blockchain and data protection regulations, examining both the risks and opportunities that arise when privacy rights meet decentralized innovation.
Seminar 2: Central Bank Digital Currencies (CBDCs) and Stablecoins: Global Legal Frameworks
Speaker: Pýnar Çaðlayan Aksoy, Associate Professor of Civil Law at Bilkent University Faculty of Law
Abstract:
This seminar explores the evolving legal frameworks surrounding Central Bank Digital Currencies (CBDCs) and stablecoins, focusing on their intersection with private and public law. While technological advancements dominate discussions on CBDCs, establishing a robust legal foundation is crucial to ensuring legitimacy and public trust in digital currencies. We will address key legal challenges, including the authorization to issue CBDCs, their legal status as currency or payment instruments, and the implications of different design choices—such as account-based vs. token-based CBDCs.
The discussion extends to cross-border payments, privacy concerns, and data protection issues, emphasizing the role of privacy-by-design principles. In addition, the presentation examines the regulatory landscape for stablecoins, particularly in the wake of high-profile incidents like the Terra and Luna collapses, and highlights efforts by jurisdictions such as the European Union (MiCA), the United States (Stablecoin TRUST Act), and the United Kingdom.
By analyzing different regulatory approaches, the importance of international cooperation and harmonization to address regulatory gaps and ensure a consistent global framework for digital currencies will be underscored. The discussion will facilitate the prospective steps toward a comprehensive, risk-based, and flexible legal framework to support the safe and sustainable growth of CBDCs and stablecoins in the global financial ecosystem.