Arbitration centre of the Russian Union of Industrialists and entrepreneurs (RSPP) announced the creation of the Board on disputes in sphere of the digital economy, including the cryptocurrency industry. Wrote about this “Kommersant”.
The panel will begin its work early next year. The arbitration centre had already selected panel of arbitrators who will decide the above controversy, and amended documents. The panel will be headed by the head of the working group on cryptocurrency risks in the State Duma Elina Sidorenko.
The need to create such a Board due to the inability of the traditional court to consider disputes related to the new economy, due to the lack of proper competences and legal framework. The new body will be engaged in hearing of cases relating to blockchain technology, smart contracts, and IPOs of coins (ICO). According to experts, the number of such cases could grow by 40 times in the period from 2020 to 2025.
“The judiciary is faced with many challenges: from the absence of an effective legal and institutional mechanisms for the protection of the rights of people, creating and applying digital technology to the recognition of digital objects as a new type of evidence,” — said the publication of Sidorenko.
In her opinion, the interests of entrepreneurs in the field of digital economy can only be protected through legalization of the cryptocurrency activities. It is necessary that the parties, working with smart contracts, incur legal liability. According to the statistics given in the “Kommersant”, in the last four years the Russian courts have considered the 148 cases, in which one way or another was about digital technology. Almost half of these cases concerned disputes relating to the obligations of smart contracts, but in none of these cases, the court ruled in favor of the person seeking compliance.
It is known that some representatives of the RSPP working to create alternatives to the draft law “On digital of financial assets”. Their main goal is to resolve the contradiction between the interests of the state and entrepreneurs. In October, the Union sent its proposals to the Prime Minister Dmitry Medvedev, but later the lobbying group requested a debate on the state version of the bill.
We will remind that in the beginning of this week it became known that the Federal service for financial monitoring was instructed to control the circulation of cryptocurrency. This decision was necessary to comply with the requirements of International group development of measures to combat money laundering (FATF), a member of which is Russia.