In line with a recent news report by a native source ‘Kommersant’, the Arbitration Center at Russian Union of Industrialists and Entrepreneurs ‘RSPP’ has declared the creation of a board for disputes on problems pertaining the “digital economy,” together with crypto-related cases. The chamber is reportedly createdto listen tocasesassociated withblockchain technology,smart contracts and ICOs. As perexpertscited by the newspaper,the amountof such cases increases upto 40%.
Elina Sidorenko, the heads of Dumaworking groupevaluating thedoablerisks of cryptocurrencies stated that the framework for the chamber has already beenreadyand thatarbitratorshave been hired.In line withKommersant, Sidorenko herselfcanhead thenewlycreated entity.
Sidorenko noted that the nation’s courts facemanychallengesdue tothe significantgrowth in the crypto-related cases, withvirtuallyhalf ofthemassociated withsmartcontracts:
“The courtsarecurrentlyfacingseveralissues,together withthe lackofrestrictivemechanismsto safeguardthe rights ofvoters,whocreateand apply digital technologies,and also the abilityto acceptdigitalinformationasa newform ofproof.”
Major entrepreneurial interestwithin thedigital economywillsolelybe protected if the issuers ofsmart contractsarecivilly andlegallyresponsible fortheir activity, Sidorenko concludes.In step withthe RSPP, the thecomplexnessof legalproblemswithin theblockchainand cryptospacenecessitates the creation of anindependentbody for arbitration.
RSPP, the members ofthatembracemineral mining and smeltingbillionaireVladimir Potanin, and Viktor Vekselberg,the headof the Russian innovation fund Skolkovo, hasprojectedanotheralternative to the state draft bill on crypto “On DigitalFinancialAssets.”
Thecluster1stdeclaredit wasworking onthe alternative relativecrypto bill in the mid-Sept.The focusedaim was to eliminate contradictionswithin thegovernment draft and to serve the interests of Russian entrepreneursconcernedin crypto-related activity.
In October, RSPP sent its proposals on crypto regulation to the country’s prime minister, Dmitry Medvedev. The lobbyclusterthenrequestedtoremithearings forthe govt.draftso asto debatecontroversies and havelongerto develop token classifications.
Following recent edits tothe govt.draft law, the legislationcurrentlylacks core crypto terms,likea definition of crypto mining, or of cryptocurrency itself.