UCP Journal of Law & Legal Education

The Legal and Regulatory Framework for Cryptocurrency and Fintech in Pakistan: Challenges and Policy Recommendations

Afrasiab Ahmed Rana, Fiza Zulfiqar, Salman Masud — Tue, 30 Jan 2024 00:00:00 +0000

Fintech, short for financial technology, refers to the use of technology to improve and automate financial services. It encompasses a wide range of financial activities, including online banking, payment processing, investment management, and lending. Cryptocurrency is a digital or virtual currency that uses cryptography (the process of converting legible information into uncrackable code) for security. It is decentralised and operates independently of a central bank or government. Blockchain technology is a decentralised, distributed ledger that records transactions across many computers in a secure, tamper-proof way. It was originally developed for use in cryptocurrencies but has since been adopted in many other industries for its potential to improve transparency and security in transactions. This article examines the legal and regulatory framework for cryptocurrency and blockchain technology in fintech in Pakistan. The State Bank of Pakistan's stance on fintech and relevant laws and regulations governing the use of cryptocurrency in Pakistan are analysed. The article also explores legal and regulatory issues such as consumer protection, data privacy, and cybersecurity. The challenges faced by fintech companies in navigating the complex regulatory landscape are discussed, and the implications for the future of fintech in Pakistan are considered. The article concludes with recommendations for policymakers and fintech companies in navigating the legal and regulatory landscape.

Cyberwarfare: Exploring the Inadequacies of Classical International Humanitarian Law

Khizar Ahmad, Fatima Sajid, Wejden Bourkrain — Tue, 30 Jan 2024 00:00:00 +0000

Cyberwarfare is a creation of the tech era that grew rapidly in the past three decades. Cyber operations have unveiled the massive potential of cyberwarfare capabilities to cause havoc in the real world. Technology has facilitated individuals, states, and other non-state actors to engage in coercive actions. It, therefore, becomes crucial to investigate the adequacy of classical International Humanitarian Law (IHL) to cater to the vicissitudes of technology warfare. This paper seeks to examine the relationship between IHL and cyberwarfare. It investigates the present legal regimes applicable to cyberwarfare and evaluates the applicability and limitations of the current rules of IHL, lex lata, to cyber operations. It discusses the ‘Tallinn Manual, a comprehensive study by an International Group of Experts (IGE) on the international law of cyberwarfare. The paper aims to provide a realistic and critical perspective on the current legal approaches to cyber-warfare. The paper emphasises that the applicability of IHL is essential in the present world, and the rapidly growing technologies necessitate the parallel growth of IHL. This article underscores the absence of a legally binding International Law Convention that specifically governs cyberwarfare within the international realm as the rapidly evolving nature of cyberwarfare demands clear rules and regulations to govern cyber operations. Such a convention would promote adherence to international law in cyberspace and encourage cooperation between states in addressing cyber threats.

Prospects and Challenges of Technological Advancements in Legal Education Pedagogy: An Analytical Review

Shafaq Farooq, Aminah Hussain — Tue, 30 Jan 2024 00:00:00 +0000

Over the years, legal education has evolved tremendously owing to multiple factors. In this regard, one important factor to be debated is the swift growth of technology in today’s time. Due to the undeniable significance of technology, it has emerged as an inseparable element of legal education. The use of technology in law schools enables educators to shift from traditional teaching modules to advanced teaching styles according to contemporary needs and trends. This paper will overview the use of technology in law and its importance for law schools. The paper tends to focus on the opportunities technology has to offer particularly in legal education and generally in the legal system. The paper also aims to assess the cultural and structural challenges of adopting and implementing technological advancement and digitalisation in Pakistan. It is an undisputed fact that technology costs money, inter alia, for developing/programming software, employing IT developers, building tech-savvy infrastructure etc. Developing countries in the South East Asian Region including Pakistan, who are already struggling with economic crisis, would have to develop strategies to implement the advanced technology-based education in the legal profession. This paper proposes solutions which underdeveloped countries can easily adopt to incorporate technology into their legal education systems. The paper will also discuss the aspect of the digital divide based on gender between privileged and underprivileged classes of society. This research will encompass qualitative methods of study relying on resources dealing with technological advancement and opportunities which digitalization has to offer in the field of legal education.

Laws Governing eSignatures in Pakistan: An Overview

Sajjad Ali — Tue, 30 Jan 2024 00:00:00 +0000

Living in a tech-oriented world, we witness that technology plays a crucial role at each stage of our lives. Within commercial spheres also, technology occupies a prominent place due to its potential, inter alia, to improve efficiency and provide security. In the same vein, electronic signatures (eSignatures) have become an ordinary part of and are being used frequently in commercial transactions. In 2002, legislation for digitization of the conduct of business and regulation of eSignatures was adopted under the title ‘The Electronic Transactions Ordinance, 2002’. This law validated the use of eSignatures in Pakistan. Following doctrinal research methodology, this article examines the legislation governing eSignatures in Pakistan. It analyses the documents that can be eSigned and the documents that cannot be, followed by an in-depth evaluation of the admissibility of eSignatures and advanced eSignatures in the court and an analysis of the threshold of validity of each respectively. It, then, discusses the distinction between eSignatures and advanced eSignatures. Finally, it assesses the risks and challenges arising from reliance on eSignatures.

eCourts: A New Dawn for The Timely Dispensation of Justice

Paras Zafar, Rehana Anjum, Arun Barkat — Tue, 30 Jan 2024 00:00:00 +0000

In Pakistan, un-due delayed justice has persisted for a long time. Timely dispensation of justice is highly significant, not only for the litigants but also for maintaining respect and confidence towards the judiciary as an institution. Honourable Justice Mansoor Ali Shah has, time and again, called attention to the fact that the traditional closed architecture of our courts cannot address this long-standing issue of delayed justice. Therefore, electronic courts (eCourts) have become a need of time. eCourts will provide the opportunity to the Judges, Lawyers, litigants, and witnesses to appear in the court virtually, thereby reducing the cost of travelling and saving time for the court. This paper explores the concept of the eCourts. It begins by tracing the origin of the eCourts, followed by an evaluation of the backlog of cases pending adjudication and the causes thereof. It proposes that a full-fledged virtual court system is practicable at all levels of the judiciary in Pakistan and recommends the reforms that need to be made to the existing system. It also highlights the various challenges that might arise and provides suggestions for effectively dealing with the same.