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ARTICLE · 14 NOVEMBER 2023

Market Intelligence Thought Leadership Award Winner

Lost In Transaction: Legal Ambiguities In Cross-Border Cryptocurrency Payments

Coinque Consulting
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The cross-border transfer of cryptocurrencies/ virtual digital assets (VDA) plays a pivotal role in their functioning as digital assets which are predominantly traded on online platforms...

IndiaTechnology
Navodaya Singh Rajpurohit
Navodaya Singh Rajpurohit
Prakhar Singh
Prakhar Singh
Aakrashi Jain
Aakrashi Jain

INTRODUCTION

The cross-border transfer of cryptocurrencies/ virtual digital assets (VDA) plays a pivotal role in their functioning as digital assets which are predominantly traded on online platforms that enable their conversion into various currencies, including traditional fiat currencies. This dynamic gives rise to critical legal issues within the framework of India's foreign exchange regulations, specifically under the purview of the Foreign Exchange Management Act, 1999 (FEMA). Additionally, it raises concerns about uncertainties regarding enforceability of contractual obligations embedded in smart contracts with respect to the Indian Contact Act, 1872 (Contract Act). The regulation of cross-border cryptocurrency transactions takes on a heightened significance due to the growing consensus that such transactions are on the rise globally.

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