Significance of Cryptocurrency in Legal Field

Significance of Cryptocurrency in Legal field

With the advent of technology, a Cryptocurrency is the name given to a system that uses cryptography to allow the secure transfer and exchange of digital tokens in a distributed and decentralized manner. The concept of “cryptocurrency” is about virtual money, which is beyond the control and rein of banks and the government. 

Cryptocurrency and IPR

In recent times, Blockchain technology has become famous in the aftermath of cryptocurrencies like Ethereum and Bitcon. In its basic form it is an open ledger of information that can be used to record and track transactions, and which is exchanged and verified on a peer-to-peer network. The blockchain/crypto space is confusing for many people, so it is necessary to understand what blockchain is, and how it is functional. However, blockchain technology is a peer-to-peer network (P2P), which is defined as a “digital ledger system”. The concept of digital ledger system is defined as “Distributed Ledger Technology” that is being maintained by people themselves, eventually immune to third-party intervention. 

Scope of IP laws

IP rights are generally being administered by the government or other subordinate IP repository offices. The fact is, around the world, registration of IP is either maintained on computers or in paper. Sometimes, it becomes difficult to protect rights, because of physical limitations. The DLT-based technology allows the development of an all-inclusive register for all IP assets, right from the date of an IP registration. This benefits the copyright authors to corroborate their original authorship. In trademark laws, implementation of blockchain is very useful,as it helps in revocation of claims for non-use. It not only helps to identify a rightful proprietor or author but in execution of royalties on assignments or on transfer of copyrights could be awarded in real and this will certainly minimize the number of litigations.

Role of TEIL 

We have a team of qualified lawyers who are willing to help developers, organizations and investors to navigate legal intricacies of cryptocurrency, as well as blockchain technology. The team commits to aggressively and strategically represent the clients in their transactional and litigation matters. 

Currency Transaction report- used to report money transacting over $10,000, banks and public corps are exempt from using but individuals are not . Most of the time it's electronically, banks don't have to tell customers unless they ask. Banks must tell it on an SAR if the customer backtracks or acts suspicious. Avoicing a  CTR is “structuring and my attract security and federal penalties