Digital contracts, the spread of digital currency, advantages, innovation and problems stemming from them

AuthorAndrea Gjoka
European Journal of Economics, Law and Social Sciences
IIPCCL Publishing, Graz-Austria
Vol. 4 No. 1
January, 2020
ISSN 2519-1284
Acces online at
Digital contracts, the spread of digital currency, advantages, innovation and
problems stemming from them
Andrea Gjoka
This article aims to provide an overview of the creation, development and evolution that
banking and the banking system is going through these days. It addresses the concept of
digital contracts, their creation and their approach to various banks and banking systems.
A erwards, the article focuses on digital banking and digital activity of today's banks, the
application of digital contracts, their content, and digital and online content. This article
considers the establishment and development of various digital currencies, and recently,
the launch of a new digital currency from Facebook. Looking at the currency expected to be
launched by Facebook, various studies show that such currency is increasingly taking ground
in the area of economic transactions, replacing thus successfully the traditional currency.
Keywords: digital contracts, digital banking, digital coins, Facebook, Libra.
A digital contract otherwise known as “e-contract’ is an agreement created and
"signed" in electronic form, without the use of any physical material (physical
The “e-contract is any kind of a contract created during the electronic trading through
the interaction of two or more individuals using electronic means, such as e-mail, the
interaction of the individual with an online agent, as well as a computer program,
or the interaction of at least two of the electronic agents, which are programmed to
recognize the existence of a contract.1 The Uniform Computer Transactions Information
Act provides rules regarding formation, governance and basic conditions of a digital
contract. The Computer Information Transactions Act (UCITA) is a proposed state
contract law developed to regulate transactions in computer information products
such as computer so ware, internet database, so ware or e-books access contracts.2
Its goal is to unify and provide rules that apply to information technology transactions
that the Uniform Trade code makes for the sale of goods.
UCITA puts the information age industry on a level with goods retailers by codifying
legal rules applicable to contracts for their products. UCITA has been extremely
controversial and has been rejected by a number of consumer groups and by the
General Lawyer of many states. Critics view the act as anti-consumer and pro-
business, claiming its protections mostly protect the so ware industry. In response
to the criticism, NCCUSL amended UCITA 38 times, incorporating more protection
1 E-Contract Law and Legal De nition (). Retrieved from https://de
2 Uniform Computer Information Transactions Act Law and Legal De nition. Retrieved from https://
de nitions. u/uniform-computer-information-transactions-act/

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