The Role of UNCITRAL in Developing a Legal Framework for Cryptocurrencies and Its Impact on the Monetary System and International Trade

This study examines the role of the United Nations Commission on International Trade Law (UNCITRAL) in shaping the legal frameworks for cryptocurrencies and its impact on the international monetary system and global trade. The study's primary objective is to analyze how current legal frameworks address the challenges posed by the emergence of cryptocurrencies worldwide and their effects on the stability and efficiency of international financial and trade systems. The research method employed in this study is descriptive-analytical and based on a library review of scientific articles, international reports, and reputable legal documents, such as UNCITRAL texts. The study explores legal documents, international conventions, and relevant case studies concerning cryptocurrencies. The findings reveal that current legal frameworks are insufficient to cope with the rapid technological advancements in cryptocurrencies, and comprehensive international coordination and legal updates are necessary. UNCITRAL can play a key role in enhancing transparency, security, and efficiency in international transactions by establishing more coherent legal frameworks and standardizing regulations related to cryptocurrencies. Ultimately, these efforts would support the stability and integrity of the global monetary system. It is also suggested that the Model Law on International Credit Transfers (MLICT) be revised to align with modern financial technologies such as blockchain and cryptocurrencies, thus providing a more appropriate legal environment for digital trade.