Will Innovative Technology Result in Innovative Legal Frameworks? – Smart Contracts in China
(2018) 26(6) European Review of Private Law 921-942.
22 Pages Posted: 9 Jan 2019 Last revised: 13 Apr 2020
Date Written: January 8, 2019
This article explores whether the legal landscape will be fundamentally changed in view of the emergence of smart contracts in China. Beyond the phenomenon of bitcoin supported by blockchain technology, we examine the development of smart contracts on blockchain with a close scrutiny of their merits and limits, and the intrinsic legal uncertainties in their application. The main argument is that while the gaps between the regulatory framework and the business practice can be identified, for most parts, the current legal framework can accommodate or mitigate the legal risks brought about by smart contracts.
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