Are Blockchains and Cybercurrencies Demanding a New Legislative Framework

Journal Law and Digital Economy Vol. 1, Kutafin Moscow State Law University (2018)

10 Pages Posted: 4 Sep 2018

See all articles by Stephan Breu

Stephan Breu

Johann Heinrich Pestalozzi Christian University Inc.; Kutafin Moscow State Law University; Universidad Complutense de Madrid - Grupo CONCILIUM; Swiss Centre for International Humanitarian Law; Legal Forum Cannes

Date Written: April 23, 2018

Abstract

The digital economy and especially Blockchain technology are opening interesting new fields for regulating and legislative authorities. Some government representatives make the mistake to look at blockchain applications mainly as underlying technology for cryptocurrency technologies. But the technology can be used far wider as a way for secure decentralized data storage. Storing data on worldwide networks makes the blockchain applications difficult to regulate as they are not residing in a specific area of influence of any given regulation or jurisdiction. Also the blockchain applications offer an extensive level of anonymity to their stakeholders. In future artificial intelligence will start to optimize the applications and trigger decisions automatically which will become a major challenge for competition and anti-trust regulators as it will be difficult to define legal entities with responsibility for the action taken. Beside building up an appropriate regulation regime the inherent challenges in blockchain technologies will ask for a strong self-regulation of the market participants in the digital marketplace.

Suggested Citation

Breu, Stephan, Are Blockchains and Cybercurrencies Demanding a New Legislative Framework (April 23, 2018). Journal Law and Digital Economy Vol. 1, Kutafin Moscow State Law University (2018), Available at SSRN: https://ssrn.com/abstract=3238228

Stephan Breu (Contact Author)

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