“The quandary over application of traditional rules to online transactions has brought a common consensus on atleast few basic principles that are accepted worldwide to regulate the cyberspace. Firstly, equivalence of traditional and electronic transactions. Much of the legislative reform across nations is based on the UNCITRAL Model Law of Electronic Commerce 1996. Secondly, establishing trust in e-transactions. In 1995, the EU responding to the concerns over the invasive nature of internet and its dramatic capability to trace and profile individual identity promulgated
the European Directive on Data Protection. Thirdly, there is a universal consensus on encouraging the participation of non governmental entities in regulation of e-commerce (eg, operation of WIPO domain name dispute resolution policy), and fourthly, preserving
the openness of channels of e-commerce and maintaining free competition.”