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ARTICLE · 12 JULY 2022

Unresolved Legal Issues Around Virtual Digital Assets In India

BTG Advaya
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The 2008 financial crisis was largely attributed to misconduct by banks, and created a shift in public opinion about how banks are viewed in the global financial market.

IndiaTechnology
Kalindhi Bhatia
Kalindhi Bhatia
Prashant Daga
Prashant Daga
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The 2008 financial crisis was largely attributed to misconduct by banks, and created a shift in public opinion about how banks are viewed in the global financial market. It is perhaps to be expected that, in the very same year, Virtual Currencies ("VCs") were introduced; one of their stated aims is to eliminate intermediaries like banks and other financial institutions. Fourteen years on, VCs can no longer be ignored and the fight to frame the next evolution of the financial system is entering an interesting stage.

Cryptocurrencies, and other virtual assets like non-fungible tokens ("NFTs"), give rise to novel legal issues, that cannot be fully addressed by current legal paradigms. No Government or regulator issues or backs VCs, and they are a fully private enterprise. The transfer of crypto happens privately, through a peer-to-peer method, thereby eliminating the need for banks and other financial institutions. Similarly, NFTs are privately generated and their

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