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Keeping Pace with Change: Fintech and the Evolution of Commercial Law
Author:
José Garrido
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,
Ms. Yan Liu
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,
Joseph Sommer
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Juan Sebastián Viancha
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Series:
Fintech Notes
Volume/Issue:
Volume 2022: Issue 001
Language:
English
Publication Date:
27 Jan 2022
DOI:
https://doi.org/10.5089/9781616358754.063
ISBN:
9781616358808
Pages:
30
Keywords:
fintech, commercial law, technological innovations, distributed ledger technology, tokens, artificial intelligence, Internet of Things, automated conrtracting, smart contracts, registries, contract law, securities and negotiable instruments, company law, secured transactions, insolvency, digital technology; FINTECH note; B. contract law; evolution of commercial law; publication order; DLT network; Blockchain and DLT; Smart contracts; Technological innovation; Emerging technologies; Securities
Legal-disclaimer:
Fintech Notes offer practical advice from IMF staff members to policymakers on important issues. The views expressed in Fintech Notes are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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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.
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Cover FinTech Notes
FinTech Notes
ISSN:
2664-5912
Publisher:
International Monetary Fund