We live in a globalized village where economies are open enough to embrace changes. Every country is connected to another in some way or another. Our fascination stems from the interest we have on cryptocurrencies and how it has the potential to turn mere cities to the citadel of tomorrow.
In the present era, nations are opening up their doors for other nations. Economic transactions are being global. This is the reason that there is a development of international trade law. International trade law is a set of rules and regulations that provide a manner to do international trade. As the name implies people of more than one nation involves in international trade, the same is a required to be controlled by law. On the other side, the world is being cashless and is developing the focus towards being digital. Cryptocurrency is one of the examples of such digital activity. It is a digital asset that people use as a medium of exchange. Such currency uses strong and high cryptography in order to secure financial transactions, verify the transfer of assets and control the issue of creation of additional units. In the presented research papers, research will be done on various aspects related to cryptocurrency and international trade law including the impact of subjective currency on international trade law.
International laws are primarily meant to safeguard individual nations from falling prey to malpractice. It covers a vast spectrum of subjects ranging from shipping to double taxation. With the financial horizon changing with the advent of cryptocurrency, international laws to have widened their horizon to include it as a subject. This is even more pertinent because cryptocurrency transfers do happen across borders.
Before discussing the impact of cryptocurrency on international trade law, first to discuss the relation of cryptocurrency with international trade. People often use this currency in international trade because of different exchange rates. Such currency brings a loss of benefits to those who are into cross-border transactions. The other reason behind the use of cryptocurrency is the security offered by the same. Transactions using cryptocurrency are almost free from the charges of tax. In addition to this all, the transaction remains properly recorder for all future references. However, this would not be right to state that the use of cryptocurrency only has positive impacts on international trades. Cryptocurrency is not valid in all the countries and hence the same cannot be used in every transaction.