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Computer programmers, coders, and technology engineers have promoted the advantages of innovative new digital systems and tools for over a decade since the introduction of Bitcoin by Satoshi Nakamoto in a 2008 White Paper.1 Distributed ledger technology (DLT), blockchain, and smart contracts were meant to herald a new dawn in choice, efficiency, and security. Regulatory and monetary authorities have monitored developments usually from a distance and on a technology neutral basis. No major disruptions in terms of monetary or systemic instability concerns have been identified, principally due to the limited size and scalability of the new technology. This would all change with the potential and imminent launch of Libra. Libra represents the most significant advance in digital coin technology (CoinTech) or token technology (TokenTech) since Bitcoin was launched. With its value fixed to a basket of currencies or single currency option, Libra constitutes a new advance in stablecoin technology (StableTech).2 This represents a major disruptive event or Big Bang in CoinTech and payment technology (PayTech) within a larger new area of data technology and DataTech.3 Facebook has specifically created a new form of BigTech coin (BigCoin or SuperCoin) which parallels the super digital applications (SuperApps) such as those developed by AliPay and WeChat in China.4
Digital technology has created a new world based on digital information and digital data with many markets, economies, and societies more generally becoming data driven. Massive difficulties nevertheless arise in determining the nature of information, data, and new forms of digital assets.5 This includes digital coins or cryptocurrencies and other tokenized assets6 and, in particular, whether these constitute property in law. Over 8,450 new digital coins and tokens have been created in recent years.7 A substantial number of new digital financial platforms have also been launched. Separate issues arise in classifying all of the different types of digital coins and tokens created.8 A new digital ecosystem has been created that requires a separate revolution in legal and regulatory language and analysis to understand and manage.
New technology (NewTech) has advanced immeasurably in recent decades. This includes core or infrastructure technology (InfraTech)9 and new applied technology (AppliedTech), which can both be considered to form part of new FutureTech.10 Many aspects of CoinTech and PayTech as well as wider FutureTech will be...