Keeping Pace with Change: Fintech and the Evolution of Commercial Law

By Jose M Garrido, Yan Liu, Joseph Sommer, Juan Sebastián Viancha

January 27, 2022

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Format: Chicago

Jose M Garrido, Yan Liu, Joseph Sommer, and Juan Sebastián Viancha. Keeping Pace with Change: Fintech and the Evolution of Commercial Law, (USA: International Monetary Fund, 2022) accessed September 19, 2024

Summary

This note explores the interactions between new technologies with key areas of commercial law and potential legal changes to respond to new developments in technology and businesses. Inspired by the Bali Fintech Agenda, this note argues that country authorities need to closely examine the adequacy of their legal frameworks to accommodate the use of new technologies and implement necessary legal reform so as to reap the benefits of fintech while mitigating risks. Given the cross-border nature of new technologies, international cooperation among all relevant stakeholders is critical. The note is structured as follows: Section II describes the relations between technology, business, and law, Section III discusses the nature and functions of commercial law; Section IV provides a brief overview of developments in fintech; Section V examines the interaction between technology and commercial law; and Section VI concludes with a preliminary agenda for legal reform to accommodate the use of new technologies.

Subject: Blockchain and DLT, Central banks, Economic sectors, Economic theory, Emerging technologies, Financial institutions, Securities, Smart contracts, Technological innovation, Technology

Keywords: Artificial intelligence, Automated conrtracting, B. contract law, Blockchain and DLT, Commercial law, Company law, Contract law, Digital technology, Distributed ledger technology, DLT network, Emerging technologies, Evolution of commercial law, Fintech, FINTECH note, Insolvency, Internet of Things, Publication order, Registries, Secured transactions, Securities, Securities and negotiable instruments, Smart contracts, Smart contracts, Technological innovation, Technological innovations, Tokens

Publication Details

Pages:

30
Volume:

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DOI:

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Issue:

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Series:

FinTech Notes No 2022/001
Stock No:

FTNEA2022001
ISBN:

9781616358754
ISSN:

2664-5912

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