Blockchain & Legislature
The matter of legal status of Blockchain technology defies all national and international legislature. Problems arise when it comes to the regulatory matters of data security, smart contracts, cryptocurrencies, blockchain business projects etc. As distributed ledgers brought a lot of fundamentally new things to our lives, all governments struggle to pick the right strategy of how to react on them. Thus, development of a conducive legislative environment remains highly demanded worldwide.
We are reviewing the changes taking place in the legislation of all countries relating to the use of blockchain technology and cryptocurrency. An increasing number of countries are developing regulating mechanisms through national banks and other governmental institutions. And there we have two tendencies: some countries strive to impose maximum restrictions, while others prefer to ignore these challenges and leave blockchain beyond the law. But anyway it is fair to say that all countries lack effective mechanisms and are hindering the development of blockchain.
We are constantly monitoring worldwide the changes in the legislative environment related to digitalization. However our purpose is not only to collect data, but to create an expert community. As regulations are unavoidable when new technologies start to interact with governmental structures, we ought to build conditions acceptable to all stakeholders. This requires meticulous work on reconciliation of different interests and opinions in order to solve all the issues.