Belarus presented the concept of the worldwide blockchain-jurisdiction

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Belarus presented the concept of  the worldwide blockchain-jurisdiction

At the cryptoconference in Minsk, which central theme of discussions were problems of the state control of digital financial assets, the resident of Institute of Digital Economy and Law, Sergey Gorbunov presented the concept of the worldwide blockchain-jurisdiction (WorldBlockchainJurisdiction or WBJ).

The innovation of the concept of WBJ consists in the creation of the global supranational blockchain network, acting on the basis of the international convention, and the state would act as its miners.

According to Sergey Gorbunov, the concept about WBJ is based on a thesis that on technologies of the distributed register there can be an autonomous jurisdiction caused by algorithms which aren’t a part of any national jurisdiction.

The author of the report emphasized that accession to the Convention provides uniform positions, regulation and treatment concerning the nature of cryptoassets, the related processes and the phenomena, instantly integrates this regulation into the national legislation of each state.

Besides, within this WorldBlockchainJurisdiction all known categories of the “cryptospheres” can exist — cryptocurrencies, tokens, smart contracts, exchanges. Creation of the cryptocompanies also becomes possible – the legal entities existing in a digital form and even cryptocitizens.

Control of the functioning of the global blockchain network is offered to be exercised by means of independent auditors, and to solve disputes – by means of independent arbitrators who would earn reward from a consolidated budget of WBJ for the services.

According to Gorbunov, the implementation of the concept would allow to solve a number of problems in the sphere of digital assets and their legal regulation which the states face. In particular, would create the safe buffer between jurisdiction of cryptoassets and real world economy, provided uniform approach to legalization and regulation of cryptoassets around the world and also taken out questions of regulation of blockchain on supranational level that would exclude a possibility of an arbitrariness of the state.


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