An independent British Legislative Commission will examine the possibility of changing the cryptocurrency law to create legal regulations for smart contracts. According to the publication, at the beginning of the year this organization has already conducted a preliminary study of the issue. A more formal and in-depth procedure will begin before the end of the summer.
“We need to make sure that the law is sufficiently unambiguous and flexible to apply in a global digital context and to exclude possible problems and lack of transparency. There is an intention to reform this region, “representatives of the organization note.
They hope, competent adaptation of the legislation, will allow smart contracts to increase trust between businesses and make transactions more secure.
“We are interested in how the smart contracts will interact with the concept of contract law, in particular, in terms of the expected terms or in the case of invalid contracts. There are also questions to the data protection laws, “the Commission’s representatives note. It is expected that the study will take from 9 to 18 months.