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ARTICLE · 12 MARCH 2024

The Legal Perplexity Of Cryptocurrencies As Payment For Damages

Coinque Consulting
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In the rapidly evolving landscape of technology and commerce, the legal fraternity across the globe is grappling with the integration of cryptocurrencies...

IndiaTechnology
Navodaya Singh Rajpurohit
Navodaya Singh Rajpurohit
Prakhar Singh
Prakhar Singh

Introduction

In the rapidly evolving landscape of technology and commerce, the legal fraternity across the globe is grappling with the integration of cryptocurrencies within the existing frameworks of law. The journey of virtual assets through the legal and regulatory halls has been one of cautious advancement and retrospective reflection. Initially met with bans in India1 and several other countries, the ascent of virtual currencies was hindered by concerns of volatility and their potential misuse for illicit activities such as money laundering and financing of terrorism. However, as the regulatory landscape evolved, bans were lifted, and many nations began to pivot towards an approach that balanced risk mitigation with the growth of digital finance. This shift was underpinned by a commitment to global Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) standards, often necessitating that entities dealing in virtual assets register

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