Author
Mr Wayne Wang
Organisation/Institution
The University of Hong Kong, Faculty of Law
Country
HONG KONG (SAR OF CHINA)
Panel
Information Technology Law
Title
The Promises and Perils of BRICS+ Currency
Abstract
This paper examines China's pivotal role in shaping a potential BRICS+ digital currency through the institutional framework of the New Development Bank (NDB), while critically analyzing the inherent tensions and structural challenges within this ambitious monetary initiative. Through a detailed study of the NDB's local currency financing mechanisms and digital infrastructure projects, the research demonstrates how China's technological leadership in Central Bank Digital Currency (CBDC) intersects with—and sometimes conflicts with—diverse monetary priorities across the expanding BRICS+ membership. The paper argues that while the NDB's institutional experience in local currency lending provides a potential framework for monetary cooperation, significant obstacles persist. These include divergent levels of digital readiness among member states, competing regulatory approaches to digital assets, and fundamentally different economic interests between commodity exporters and manufacturing economies within BRICS+. By examining the NDB's transition toward local currency financing alongside member states' varying capacities for digital transformation, the study reveals both the possibilities and limitations of monetary integration in a heterogeneous economic bloc. The research particularly focuses on three critical tensions: (1) the balance between Chinese technological leadership and other members' digital sovereignty concerns; (2) the challenge of reconciling the NDB's development mandate with member states' divergent monetary policies; and (3) the practical difficulties of implementing a common digital currency framework across economies with vastly different levels of financial sophistication and regulatory capacity. While acknowledging the potential of Chinese financial technology to enhance cross-border settlements, the paper critically assesses whether the NDB's institutional mechanisms can effectively bridge these fundamental differences. This analysis contributes to broader discussions about the feasibility of monetary cooperation among emerging economies and the complex interplay between development finance, digital innovation, and national economic interests.
Biography
Wayne Wei Wang is now a Ph.D. Candidate in Law and Technology at the University of Hong Kong (HKU), and a Non-Resident Fellow at FGV Rio Law School (FGV Direito Rio) in Brazil. With a background in Engineering and Law, Wayne’s research focuses on Intellectual Property, Data Protection, Algorithmic Governance, and S&T Studies, emphasizing Law, Innovation, Technology, and Entrepreneurship in the Automating Global South. He (has) held academic affiliations with institutions across the USA, UK, Germany, Poland, and Singapore. Wayne completed his LLM in Intellectual Property (WIPO-QUT) with a Dean’s Scholarship in Australia and holds double bachelor’s degrees in Engineering and Law, as well as an MPhil from Huazhong University of Science and Technology, with a China National Scholarship from the Ministry of Education and University Outstanding Graduate Award. He is a member of the UN Internet Governance Forum's Dynamic Coalition on Data and AI Governance.
