INTER-COUNTRY FINANCIAL TRANSACTIONS THROUGH BLOCKCHAIN WITH REFERENCE TO BELT AND ROAD INITIATIVE OF CHINA
AUTHOR – TWINKLE HUSSAIN*, SYED SHIRAZ FAZAL** & KAJUL SHARMA*, ASSISTANT PROFESSORS FROM ASIAN LAW COLLEGE* AND LLOYD LAW COLLEGE**
BEST CITATION – TWINKLE HUSSAIN, SYED SHIRAZ FAZAL & KAJUL SHARMA, INTER-COUNTRY FINANCIAL TRANSACTIONS THROUGH BLOCKCHAIN WITH REFERENCE TO BELT AND ROAD INITIATIVE OF CHINA, INDIAN JOURNAL OF LEGAL REVIEW (IJLR), 4 (2) OF 2024, PG. 997-1007, APIS – 3920 – 0001 & ISSN – 2583-2344
Abstract
Cross-border financial transactions are expected to rise quickly due to increased globalization and international trade, particularly within the Eurasian region. Such transactions today face a number of difficulties, ranging from varied legal and compliance systems to delayed payment systems and disparate technical standards.[1]
On the other end, China’s Belt and Road Initiative (BRI) aims to create trade routes with the goal of promoting economic growth and global trade throughout Asia and beyond. The project covers more than 60 nations, a large portion of which are in Asia, Europe, and Africa. The adoption of cross-border blockchain financial transactions under the BRI offers a major chance to improve financial activities’ efficiency, security, and transparency because of its broad scope.[2]
Blockchain technology has the potential to address these issues by providing a practical replacement for the established procedures used in international financial transactions. The author, through this article makes an attempt to highlight the intricacies and legal issues that might possibly be there in the radar of blockchain transactions. Numerous experimental projects are under underway that aim to use this technology to a variety of domains, including as settlements, clearing, and remittances and the author makes and attempt to highlight a few. Few studies, nonetheless, have given careful thought to how this technology ought to be governed within the framework of the BRI. One of the first comprehensive examinations of the ways in which rules and legislation can get implemented to enable cross-border payments through blockchain in the BRI will be dealt with in this article.
Keywords: Blockchain, Inter-Country Transactions, BRI, Trade Routes, Legal Implications, International Trades, Security, Transparency.
[1] N Rolland, China’s Eurasian Century? Political and Strategic Implications of the Belt and Road Initiative, National Bureau of Asian Research2017, 32.
[2] T Cripps, Flow of Cross-border Payments Needs Better Pipelines, Business Times(22 November 2019).