Legal Framework for Providing/Obtaning Financing in Blockchain. Russian Perspective

DOI

10.2991/aebmr.k.201205.098How to use a DOI?

Keywords

cryptocurrency, loan, credit, centralized platform, decentralized platform, smart-contract, legal capacity

Abstract

The article contains analysis of the financing procedures which are already performed today in blockchain and regulation of financial obligations (loan and credit agreements) as they exist as of today in the Russian law in order to find ways to legitimize the blockchain financial transactions. Development of blockchain technology and contributory crypto instruments will keep on going together with legitimization of the said technology by the governments and penetration into social life. The paper proceeds as follows. First it is taking an attempt to estimate the new reality in legal terms taking into consideration appearance of new kind of objects (crypto assets). Secondly, it describes existing technical possibilities for acquiring financing in crypto market. The authors look into lending relationship structure: focus on legal capability of a smart-contract mechanism when acquiring loans within blockchain. As regulation of crypto assets is mostly considered as a cross-border issue this article is mostly focused on Russian part of a puzzle (legislation, case law and doctrinal approaches) that could be a significant input into understanding the logics of the regulatory approach in this part of the world. As noted by Usman W. Chohan, MBA, the literature can at best be described as emergent, and as an area of significant academic inquiry in theyears to come.

Copyright

© 2020, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - S.E. Khoshimov
AU  - V.S. Nikulina
PY  - 2020
DA  - 2020/12/07
TI  - Legal Framework for Providing/Obtaning Financing in Blockchain. Russian Perspective
BT  - Proceedings of the 2nd International Scientific and Practical Conference on Digital Economy (ISCDE 2020)
PB  - Atlantis Press
SP  - 589
EP  - 594
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.201205.098
DO  - 10.2991/aebmr.k.201205.098
ID  - Khoshimov2020
ER  -