Bitcoin, cryptocurrency, blockchain, smart contracts… the digital world offers us plenty of new words we maybe have heard of them in the press or social network but do we really know its meaning?
Beyond of the possibilities of becoming a millionaire investing in cryptocurrencies, there is also a legal side which is getting more importance nowadays. First at all, Governments are starting to think how to regulate cryptocurrencies in order to avoid tax fraud and money laundry.
But also, the regulation of smart contracts is relevant as these kinds of contracts are excluding human factor in their execution. This means that the execution of the contract is automated and is effected through a computer running code that has translated a legal prose into an executable program. In this sense, when certain conditions that are described in that code are met, specific actions are executed automatically.
It may seems simple but smarts contact do not resolve yet main questions as how to change terms or conditions once executed the order, how to change mistakes or even how to change parties of the contract.
This seminar presented by Mrs. Daniela Kishkova from our WLN Partner Ivan Bojov from Sofia (Bulgaria) during her internships as winner of the Jorge Mañá Young Lawyers Award 2017, offered us an interesting view inside of the possibilities of blockchain technology and made us clear that this technology is already here and it has come to stay. However, lawmakers will need time to resolve important questions about liability, recognition, applicability and other legal issues.
