By: Adarsh Vijayakumaran [1] Crypto insolvency all crypto assets are liquid. There is no doubt that IBC, cryptk includes money, goods, possession of the crypto wallet inside or outside India. Further, we try to examine whether a token holder has a right as a creditor.
See Paybis, infra n.
The declaration also introduces monitoring, recording, and control conditions for Crypto Asset FSPs, which contribute to better traceability of funds and transactions, providing more certainty and security for creditors and liquidators in the winding down of a Crypto Asset FSP. Essentially, blockchains employ a system of two different types of cryptography asymmetric-key algorithms and hash functions. Such considerations include if and when to convert the cryptocurrency to fiat currency, potential consultation with creditors regarding options for distribution, including the possibility of an in specie distribution ie transfer of the actual digital asset which can give rise to apportionment issues where different tokens are held akin to the issues upon holding more traditional multi-currency deposits.
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