Medvedev urged to think in advance the legal regulation in respect of the blockchain

SAINT PETERSBURG, may 17. /TASS/. Prime Minister of Russia Dmitry Medvedev urged experts from different countries to think in advance the legal regulation concerning the so-called blockchain. He did not rule out that in dealing with new global challenges will require the conclusion of new international conventions.

“Despite the fact that the Internet exists three decades, we – the legal community, the state, political leaders – were not ready to solve many of the problems associated with a global network. It would be desirable that when we close we will begin to come into contact with the so-called bacchanal, that is, distributed networks, we at least imagine how will look the main parameters of regulation, what was the role of national legislation”, – said the head of the Russian Cabinet of Ministers, speaking at the St. Petersburg international legal forum. “Even knowing that the blockchain is a completely Autonomous system, the value of which is that technically it did not affect. But in human society much more difficult. I only urge that we have already started to think about the parameters of legal regulation”, – he said.

“Soft law”

Speaking at the forum, the Prime Minister raised the issue of the impact of supranational institutions, which are sometimes called “soft law”. As a successful example, he cited the activities of various agencies at the United Nations, in particular the United Nations Commission on international trade law. “Almost half a century she finds solutions to the most topical legal issues, including such areas as e-Commerce, cloud computing, cross – border bankruptcy,” – said Medvedev. According to him, “a contribution to the upgrade of the global legal infrastructure and bring hundreds of scientists who work in academic centers around the world, and self-regulating community that bring together entrepreneurs”.

“These Autonomous, largely independent of national States system of regulation, began to appear in the financial and insurance sectors. Because of global markets, no territorial boundaries, national localization, and binding to a specific regulation, many of the decisions is more convenient for them to look within “soft law”, – said the Prime Minister. For example, he cited questions about “how to ensure the validity of data in the network blockchain”.

The Prime Minister drew attention to the fact that “there are plenty of other difficult issues, including how to protect the rights of the consumer who purchases a defective product at the foreign site, how to carry out the procedure of bankruptcy in relation to transnational companies”. Medvedev is confident that “to propose solutions to such issues within the framework of national doctrine and practice – it is difficult, in fact impossible.” “But this does not mean that we should neglect the norms of the national legislation. Need to engage in open discussion on those points and consider all the risks and difficulties that we face and our foreign colleagues, to learn from truly the best experience, not to be ashamed of and access to international regulation, if it will be able to agree with the prospective establishment of new conventions,” he said. In his opinion, “this approach should be used in improving the management of traditional sectors: subsoil use, environmental protection, energy, construction and, of course, in the fight against new threats.” He said that meant cybercrime or the use of modern technologies by terrorists.