Cryptocurrency should lead to the modernisation of law, the expert believes

© RIA Novosti / Vladimir Astapkovich in fotobabbles. Archival photoCryptocurrency should lead to the modernisation of law, the expert believes© RIA Novosti / Vladimir Astapkovich the image Bank

The law must modernize in connection with the implementation of innovations, including cryptocurrency, according to Deputy Director of the Institute of legislation and comparative law under the government of the Russian Federation Ilya Kucherov.

«Law should be modernized, no doubt. Before national legal systems arose such a new legal challenge that requires urgent and point to legislative decisions», — said Kucherov in the international conference «Digital transformation: intellectual property on blockchain technology.»

However, according to him, problems of the legal identification of cryptocurrency technologies. «There crypto-currencies and tokens that are not amenable to any legal identification. It is a difficult task… We need to understand what you’re dealing with depends on a lot of issues,» he concluded.

The blockchain technology not only has caused explosive interest to Russian and foreign citizens, but also led to the development of new technologies and has launched many projects in Russia.

A number appeared in the year 2017 in Russia projects based on the technology of the blockchain (blockchain) system organization of distributed databases. According to this technology, in particular, works database, which stores information about the transactions of bitcoin. According to some experts, the technology allows to significantly optimize the costs of business and the state. In particular, it helps to make payments online, quickly confirm the relevance of the data on the client or the transaction, record the transaction and conduct their roster.

The RIA Novosti media group «Russia today» is the General information Agency of the conference «Digital transformation: intellectual property and the blockchain technology».

Cryptocurrency should lead to the modernisation of law, the expert believes© Integratiebeleid and bitcoin