Legal
Digital Yuan Has Increased Digital Payment In China
Digital Yuan has increased digital payment in China and is intended to spur innovation.
However, many challenges must be overcome before CBDCs become actualized in other countries. China’s supply chain has adopted the digital yuan.
One of the most critical hurdles will be figuring out a standardized and effective method for endorsing transactions.
CBDCs can help integrate these processes into blockchain technology, thus making them more efficient and commanding broader community support.
Digital yuan can aid the government’s anti-corruption efforts and improve China’s currency stability.
In a new policy released on April 10, 2017, the People’s Bank of China announced that they would strive to promote their digital currency over the next five years.
The central bank will begin with a pilot program to allow residents to exchange their yuan for digital yuan.
Digital yuan uses blockchain technology as its foundation, which will provide an avenue for faster settlement times and cheaper value transfer fees than traditional means of payment.
The primary purpose of the digital yuan is to speed up the trade settlement process in real time and help lower transaction fees.
China is the largest global trading nation and the world’s second-largest economy, but the country is still using outdated technology with slow international payments and settlements.
Alongside its pilot program, the People’s Bank of China will also study the implications of maintaining a sovereign digital currency, which other central banks, such as Sweden, are also doing.
How Digital Yuan Benefits China
Digital yuan will help make transactions faster for users by utilizing blockchain technology to execute transactions quickly. China hopes community support for its new currency will help spur innovation within blockchain startups.
The government uses the digital yuan to increase transparency and efficiency and encourage competitiveness with monetary policies.
It is essential for integrating underdeveloped areas of the economy that rely on traditional means of money transfer.
G Money laundering will be less prevalent because the transactions will be digital and recorded on the blockchain ledger.
In addition, the government has set up safeguards to ensure that the currency will be only available through official channels and can only be used within China’s borders.
This measure should help diminish criminal activities associated with money laundering and terrorism financing considerably.
Digital Yuan has boosted digital payments in china:
This system is also in line with China’s anti-corruption campaign. The central bank believes that the digital yuan will become a necessary tool for the government to keep tabs on potential corruption and money laundering activities.
RMB transactions through digital yuan are currently being tested, with only 5 per cent of financial institutions participating in the test, which is much lower than in previous trials of CBDCs.
In addition, the Digital yuan’s introduction will allow the public to purchase private securities and other financial products that use blockchain technology, which should help increase the usefulness of this new system.
What are the challenges of CBDC?
Although blockchain technology is an efficient, secure and trustworthy way to store digital currency information, it still needs to be tweaked for every country with unique regulations.
In addition, the CBDC also has to be played off against increasing cryptocurrency use.
It includes exchanges that the Chinese government is watching since both platforms are still being targeted for government-sanctioned trading or MOUs (memorandum of understanding) with financial regulatory agencies in China.
The Chinese government will do anything it can to control the money flowing through their borders, so competition among competing platforms doesn’t bode well for Fiat currencies like USD and RMB.
Anti-corruption campaign with digital yuan:
Although the People’s Bank of China works with many cryptocurrency exchanges, it has also moved to crack down on illicit trading and money laundering in the country.
In addition, the government wants to avoid becoming reliant on cryptocurrency for monetary policy because it could cause drastic fluctuations in cryptocurrency prices, making the currency more volatile than its current fiat currency.
The People’s Bank of China is working with Chinese banks to monitor virtual currency exchanges better to tighten scrutiny over capital outflows by tracking money transfers.
With Digital Yuan, the central bank is also planning to develop a credit rating system that will help it classify its loans by their risk, which is something they have yet to do with other financial products.
The rating system will be modelled after what many other countries already use and will help decrease the amount of fraud in China’s financial industry.
China wants citizens to use Digital Yuan for purchases:
The Chinese government wants consumers to use digital currency for small, day-to-day transactions and not just money transfers from trading activities or overseas investments.
This measure should provide support for small businesses and help them avoid fraud as well as credit risks.
The government is also attempting to broaden their payment platforms to include more private companies and businesses.
Over the next five years, the People’s Bank of China will also work with other regulatory agencies (SAFE and CBRC) to consolidate its digital currency.
They will also continue to make sure security safeguards are in place while they will continue monitoring risks surrounding digital currency use in China.
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Legal
Thai Court Amends Law to Allows Wives to Sue Husband’s Lovers
Thailand’s Constitutional Court has changed the Civil Code will allow women to sue their husbands’ lovers, male or female. The Constitutional Court found on Tuesday that Section 1523 of the Civil Code breached Section 27 of the constitution, which safeguards Thais’ rights and liberties regardless of gender.
The court directed that the verdict be enforced within 360 days.
Section 1523 of the Civil Code states that husbands can sue their wives’ lovers, and wives can sue other women who publicly display an adulterous connection with their husband.
Keirov Kritteeranon, secretary-general of the Office of the Ombudsman, stated that the Ombudsman had previously urged the court to rule on the legality of Section 1523, which allowed wives to suit only female lovers.
Husbands can now sue their wives’ boyfriends regardless of gender, and there was no requirement for any public declaration of an adulterous connection, he claimed.
Once enforced, Tuesday’s Constitutional Court order, according to the Ombudsman, will correct this imbalance.
Thailand Amends Marriage Law
Meanwhile, Thailand is set to become the first Southeast Asian country to recognise same-sex marriage, after its marriage equality law was passed in the Upper House on Tuesday and is now on its approach to being promulgated before going into effect in the coming months.
LGBTQ+ advocates rejoiced as the Senate voted 130-4 to pass the bill on its final reading, with 18 abstentions. They hailed the development as a win in their long struggle for equal rights.
When the advocates who had gathered at parliament on Tuesday to witness the Senate’s final reading and vote on the measure heard the outcome, they burst out in cheers.
They next went to authorities House, where the authorities had planned a celebratory reception for them later in the day. They then went to the Bangkok Art and Culture Centre, where the party lasted until late at night.
Prime Minister Srettha Thavisin, who is on sick leave due to Covid-19, congratulated them via Zoom call from Government House.
The new law will allow any two people aged 18 or older to register their marriage and obtain the same advantages and rights as heterosexual couples. The bill refers to married couples as “two individuals” rather than “a man and a woman,” and changes their legal status from “husband and wife” to “spouses.”
LGBTQ+ people from any country can legally marry in Thailand. When the bill goes into force, foreign same-sex married partners will be eligible for a spousal visa.
The law will be sent to the government for approval before being presented to the monarch.
It will take effect within 120 days of its publication in the Royal Gazette, making Thailand the third Asian country to accept same-sex marriages after Nepal and Taiwan.
Senator Kamnoon Sidhisamarn, spokesman for the Senate’s special committee evaluating the proposed law, called it a victory for equal rights campaigners.
“There is no reason for the Upper House to disagree with the judgement made by the House of Representatives,” he told reporters. He was referring to the legislation’s passage in the Lower House prior to its submission to the Senate for approval.
The battle for same-sex marriage legislation began 23 years ago. Tunyawaj Kamolwongwat, a Move Forward Party list-MP, said that the law’s passage on Tuesday signified the beginning of a new chapter in Thai history.
Source: Bangkok Post
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Legal
Thailand’s Senate Passes Landmark Marriage Equity Bill Legalizing Gay Marriage
Thailand’s Senate has approved a long awaited marriage equality bill on Tuesday, making the country the third Asian country to accept same-sex couples. The Senate approved the law 130-4 with 18 abstentions.
The marriage equality bill will be sent the palace for royal clearance. The marriage equality law takes 120 days to take effect after Royal Gazette publication.
LGBTQ+ advocates welcomed the proposal a “monumental step forward” because Thailand would be the first Southeast Asian country to legalise marriage equality. Thailand is popular with travellers due to its LGBTQ+ culture and tolerance.
“This would underscore Thailand’s leadership in the region in promoting human rights and gender equality,” the Civil Society Commission of marriage equality, activists, and LGBTI+ couples said.
Prime Minister Srettha Thavisin, who wore a rainbow shirt to commemorate Pride Month, joined thousands of LGBTQ+ revellers and activists in a Bangkok parade at the start of June.
The prime minister will open Government House to commemorate the bill’s passage. Pride supporters will march from Parliament to the prime minister’s office. Mr. Srettha, who has Covid-19, will join them online after taking several days off.
Deputy Prime Minister and Commerce Minister Phumtham Wechayachai anticipates June’s Pride Month to create approximately 4.5 billion baht in economic cash flow.
Pride Month in Thailand
On Saturday, Mr. Phumtham said the government under Prime Minister Srettha Thavisin is encouraging sexual diversity and working with the commercial sector to plan more Pride Month festivities to attract LGBTQ+ tourists.
He claimed it will increase the country’s trade potential by giving SMEs business expansion chances and adding soft power value.
Mr. Phumtham claimed Poonpong Naiyanapakorn, director-general of the Trade Policy and Strategy Office, told him Pride Month celebrations will make Thailand a “pride-friendly destination” for LGBTQ+ Thai and global consumers.
This would help the country become a regional tourism hub under the government’s “Ignite Tourism Thailand” initiative to enhance tourism in 55 “worth visiting” provinces.
He added that such festivals will support downstream industries like event planners, food and beverage companies, hotels, and transport services and disperse cash to local areas. Mr. Phumtham stated Thailand’s Pride Month began in 1999. Bangkok, Chiang Mai, Phuket, and Chon Buri host parades, festivities, and campaigns.
The Tourism Authority of Thailand (TAT) expects approximately 860,000 people to attend this year’s festival and contribute at least 4.5 billion baht for the economy. LGBT Capital estimates that the world’s LGBTQ+ population has US$4.7 trillion in purchasing power and Thailand’s sexually varied population has US$26 billion.
LGBTQ+ rights in Thailand are improving, but there’s still much to do. The LGBTQ+ community in Thailand is notably strong in Bangkok and Pattaya.
Strong legal recognition allows transgender people to change their names and titles. Many LGBTQ+ couples lack legal rights since same-sex marriage is banned.
LGBTQ+ rights in Thailand
Thailand is becoming more accepting despite these difficulties. LGBTQ+ rights are gaining favour. Activists want legal changes to guarantee equality.
Pride parades are becoming increasingly visible, demonstrating diverse acceptance. While challenges remain, LGBTQ+ rights in Thailand are improving as awareness and acceptance expand.
Legal
Protecting Your Designs: Intellectual Property Rights in the Jewelry Manufacturing Industry
The jewelry manufacturing industry is a vibrant and highly competitive sector where creativity and innovation are paramount. Designers invest significant time, effort, and resources into crafting unique pieces that appeal to consumers’ tastes and preferences. However, this industry faces a persistent challenge: the protection of original designs from imitation and unauthorized use.
Intellectual property rights (IPR) play a crucial role in safeguarding jewellery designs, ensuring that creators receive recognition and financial benefits from their work. This article delves into the various forms of intellectual property rights pertinent to the jewelry manufacturing industry and offers insights on how designers can protect their creations.
Understanding Intellectual Property Rights
Intellectual property rights are legal mechanisms that grant creators exclusive rights to their inventions, designs, and artistic works. These rights encourage innovation by providing creators with the means to control the use of their creations and to benefit financially from them. In the context of jewelry design, the most relevant forms of IPR are copyrights, trademarks, patents, and design rights.
Copyrights
Copyright protection extends to original works of authorship, including artistic creations such as jewelry designs. Under copyright law, the designer of a piece of jewelry automatically acquires the exclusive right to reproduce, distribute, and display the design upon its creation. This protection does not require registration, although registering the copyright with the appropriate governmental body, such as the U.S. Copyright Office, can provide additional legal benefits and evidence of ownership.
For jewelry designers, copyright protects the aesthetic aspects of a piece, such as the specific design, patterns, and artistic expressions. However, it does not cover the functional elements or the materials used. The duration of copyright protection varies by country, but it typically lasts for the life of the creator plus an additional 50 to 70 years.
Trademarks
Trademarks protect symbols, names, logos, and slogans that distinguish goods and services in the marketplace. For jewelry manufacturers, a trademark can cover the brand name, logo, or even a unique product line name.
Registering a trademark with the appropriate authority, such as the United States Patent and Trademark Office (USPTO), provides nationwide protection and the exclusive right to use the mark in connection with the specified goods or services.
A strong trademark helps consumers identify and differentiate a brand’s products from those of competitors, fostering brand loyalty and reducing the risk of confusion in the marketplace. It also provides legal recourse against counterfeiting and unauthorised use of the brand’s identity.
Patents
Patents protect new inventions and technical innovations. In the jewelry industry, this could include innovative manufacturing processes, unique mechanisms for adjustable or interchangeable jewelry, or novel materials and techniques. A patent grants the inventor the exclusive right to use, make, and sell the invention for a limited period, usually 20 years from the filing date of the patent application.
Obtaining a patent involves a rigorous process of proving that the invention is novel, non-obvious, and useful. For jewelry designers, the primary benefit of patent protection lies in safeguarding their innovative techniques and mechanical features, which can provide a competitive edge in the market.
Design Rights
Design rights specifically protect the visual appearance of a product, including its shape, configuration, pattern, and ornamentation. These rights are particularly relevant to the jewelry industry, where the aesthetic appeal of a product is a key selling point. In many jurisdictions, design rights must be registered to be enforceable, though some countries offer unregistered design rights that provide limited protection.
Registering a design right involves submitting detailed representations of the design to the relevant authority, such as the European Union Intellectual Property Office (EUIPO) for protection within the EU. Registered design rights typically offer protection for up to 25 years, subject to renewal fees.
Steps to Protect Jewelry Designs
- Document Your Designs: Maintain detailed records of your design process, including sketches, prototypes, and finished pieces. This documentation can serve as evidence of originality and ownership in case of disputes.
- Conduct Searches: Before launching a new design, conduct thorough searches to ensure it does not infringe on existing intellectual property. This can prevent legal issues and costly disputes.
- Register Your IP: Where applicable, register your copyrights, trademarks, patents, and design rights with the appropriate authorities. Registration enhances protection and provides legal advantages in enforcing your rights.
- Use NDAs and Contracts: When working with manufacturers, suppliers, and collaborators, use non-disclosure agreements (NDAs) and detailed contracts to protect your designs and outline the terms of use. ( Check out EJ: A Jewelry Manufacturer with NDA’s.
- Monitor the Market: Regularly monitor the market for potential infringements. This can involve online searches, attending trade shows, and staying informed about competitors’ activities.
- Take Legal Action if Necessary: If you discover an infringement, take prompt legal action to enforce your rights. This may involve sending cease-and-desist letters, pursuing litigation, or seeking alternative dispute resolution methods.
Challenges and Considerations
While intellectual property rights offer significant protection, there are challenges and limitations to consider. The cost and complexity of obtaining and enforcing IPR can be prohibitive, especially for small designers and startups. Additionally, the global nature of the jewelry market means that protections obtained in one jurisdiction may not be recognized elsewhere, necessitating international strategies for comprehensive protection.
Moreover, the fast-paced nature of fashion and jewelry trends can make lengthy registration processes impractical for certain designs. In such cases, relying on unregistered design rights or focusing on brand protection through trademarks may be more viable strategies.
Conclusion
Intellectual property rights are a vital tool for protecting the creativity and innovation that drive the jewelry manufacturing industry. By understanding and strategically utilizing copyrights, trademarks, patents, and design rights, designers can safeguard their creations, enhance their competitive edge, and ensure they reap the financial rewards of their ingenuity. As the industry continues to evolve, staying informed about IPR and adapting to emerging challenges will be crucial for sustaining success in the dynamic world of jewelry design.
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