International Journal For Multidisciplinary Research

E-ISSN: 2582-2160   •   Impact Factor: 9.24

A Widely Indexed Open Access Peer Reviewed Multidisciplinary Bi-monthly Scholarly International Journal

Call for Paper Volume 6 Issue 6 November-December 2024 Submit your research before last 3 days of December to publish your research paper in the issue of November-December.
Submit Research Paper Join as a Reviewer

Plagiarism is checked by the leading plagiarism checker TurnItIn

Call for Paper

Volume 6 Issue 6
November-December 2024

Submit your research paper

Indexing Partners
Academia Advanced Sciences Index Bielefeld Academic Search Engine CiteSeer DRJI Google Scholar Independent Search Engine & Directory Network ISI (International Scientific Indexing) Issuu Mendeley Research Networks
RefSeek ResearcherId - Thomson Reuters ResearchGate Scirus Scribd Semantic Scholar UTeM - Universiti Teknikal Malaysia Melaka Wiki for Call for Papers WorldCat Zenodo

The Advent of Virtual Digital Assets: Analysing its Status in the Fintech Sector

Author(s) SHORONYA BANERJEE
Country India
Abstract Fintech, or financial technology, introduces the role of technology in finance, which forwards the discussion on big data, artificial intelligence (AI), and machine learning, facilitating investment opportunities. However, it is considered to have been introduced and evolved as the Bitcoin protocol in 2009. Digital assets date with the coining of ‘bit gold.’ This was formulated as a decentralised digital currency. The aim behind introducing such a currency was to have a payment mechanism outside the vigilance of the central authority, with a recurring high value. This laid the foundation of blockchain technology, inaugurating the market in digital assets. The utilisation of distributed ledger technology attracted a lot of financial players towards it. Creating digital assets and their required funding subsists on ongoing market changes and investor demands. Computer codes form the skeletal framework of digital assets and depend on agreement-based computer algorithms for effectuating transactions. These digital assets include an almost exhaustive range of virtual assets. Shifting the discussion to the "good faith acquisition" regime, when the transferee of property acquires a good title irrespective of the defect in the title of the transferor, it is known as "good faith acquisition" or "negotiability," an exception to the general rule: nemo dat quod non habet ("no one gives what they don't have"). In this scenario, good faith acquisition (negotiability) is quite relevant as digital assets transfer functions based on quite complex structures, which can be deceiving in disputes arising from insolvency, etc. This has been brought to light with the example of a digital asset held in custody by a third-party intermediary. Here, the legal status of the asset is uncertain, which creates the problem of determining who has the right to claim ownership over it. This is where the new legal framework for digital assets is needed to clear the air and award digital tokens the status of ‘property’ regarding these issues. The proposed legal framework can take due recourse to legal concepts, such as the law of bailment. This paper seeks to analyse and establish the legitimate status of virtual digital assets globally, slowly transitioning to a virtually driven e-community.
Keywords Virtual digital assets, cryptocurrency, financial technology, block chain, smart contracts, digital tax
Published In Volume 6, Issue 2, March-April 2024
Published On 2024-03-13
Cite This The Advent of Virtual Digital Assets: Analysing its Status in the Fintech Sector - SHORONYA BANERJEE - IJFMR Volume 6, Issue 2, March-April 2024. DOI 10.36948/ijfmr.2024.v06i02.14881
DOI https://doi.org/10.36948/ijfmr.2024.v06i02.14881
Short DOI https://doi.org/gtmzsx
View / Download PDF File

Share this



E-ISSN 2582-2160
CrossRef

CrossRef DOI is assigned to each research paper published in our journal.

IJFMR DOI prefix is
10.36948/ijfmr

Downloads
Research Paper Format Copyright Permission Form and Undertaking Form Cover Page Vol 6 Isu 6Cover Page Vol 6 Isu 5Cover Page Vol 6 Isu 4

All research papers published on this website are licensed under Creative Commons Attribution-ShareAlike 4.0 International License, and all rights belong to their respective authors/researchers.

CC-BY-SA Open Access

About IJFMR
Fees & Payment
Current Issue
Publication Archive 		Submit Research Paper
Track Submission Status
Publication Guidelines
Publication Ethics
Peer Review & Plagiarism 		Join as a Reviewer
Editors & Reviewers
Reviewer Referral Program
Get Reviewer Membership Certi. 		Website/Journal Policies
Usage Policy
Content Policies
Privacy Policy
Contact Us +91-9898-5948-55 editor@ijfmr.com