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RSPP Board To Review Disputes In Russian Crypto Sphere

17:10 01/11/2018

The Russian Union of Industrialists and Entrepreneurs (RSPP) announced the creation of a special authority on issues in the digital economy, including the crypto sphere, by its Arbitration Center, Kommersant reports.

The board will consider appeals regarding blockchain technology, intellectual contracts, and the initial coin offering (ICO).

The number of administrative matters in this area are constantly increasing. In the period from 2014 to 2018, about a hundred and a half of such cases were considered, and according to analysts, the number of trials from 2020 to 2025 may increase forty times taking into account the “ICO boom.” The RSPP representatives believe that such conclusions force the use of an arbitration institution to resolve disputes in the digital environment.

Elina Sidorenko, the deputy of the State Duma of Russia, will be the head of the new body. In Parliament, she chairs a working group on issues related to cryptocurrency risks. Sidorenko reported that in the light of the creation of the board, its members were elected and some documents of the Arbitration Center were supplemented.

The courts face difficulties due to the lack of regulatory mechanisms to protect the rights of citizens using digital technologies, as well as the inability to accept such data in the form of evidence. Smart contracts are not in the legal sphere, and there are no specialists in the courts with relevant knowledge, Sidorenko stated.

As previously reported, a team of experts of the RSPP prepared a bill providing for the classification of digital assets into several categories.


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