In line with a recent news report by a native source ‘Kommersant’, the Arbitration Center at Russian Union of Industrialists and Entrepreneurs ‘RSPP’ has declared the creation of a board for disputes on problems pertaining the “digital economy,” together with crypto-related cases. The chamber is reportedly created to listen to cases associated with blockchain technology, smart contracts and ICOs. As per experts cited by the newspaper, the amount of such cases increases upto 40%.
Elina Sidorenko, the heads of Duma working group evaluating the doable risks of cryptocurrencies stated that the framework for the chamber has already been ready and that arbitrators have been hired. In line with Kommersant, Sidorenko herself can head the newly created entity.
Sidorenko noted that the nation’s courts face many challenges due to the significant growth in the crypto-related cases, with virtually half of them associated with smart contracts:
“The courts are currently facing several issues, together with the lack of restrictive mechanisms to safeguard the rights of voters, who create and apply digital technologies, and also the ability to accept digital information as a new form of proof.”
Major entrepreneurial interest within the digital economy will solely be protected if the issuers of smart contracts are civilly and legally responsible for their activity, Sidorenko concludes. In step with the RSPP, the the complexness of legal problems within the blockchain and crypto space necessitates the creation of an independent body for arbitration.
RSPP, the members of that embrace mineral mining and smelting billionaire Vladimir Potanin, and Viktor Vekselberg, the head of the Russian innovation fund Skolkovo, has projected another alternative to the state draft bill on crypto “On Digital Financial Assets.”
The cluster 1st declared it was working on the alternative relative crypto bill in the mid-Sept. The focused aim was to eliminate contradictions within the government draft and to serve the interests of Russian entrepreneurs concerned in crypto-related activity.
In October, RSPP sent its proposals on crypto regulation to the country’s prime minister, Dmitry Medvedev. The lobby cluster then requested to remit hearings for the govt. draft so as to debate controversies and have longer to develop token classifications.
Following recent edits to the govt. draft law, the legislation currently lacks core crypto terms, like a definition of crypto mining, or of cryptocurrency itself.