Clarity of vision can be considered as an essential prerequisite to overcome the uncertainty and gloominess of the cryptocurrency markets. The Arbitration Center at Russian Union of Industrialists and Entrepreneurs (RSPP) is aimed to figure out a solution regarding the digital currency. Reportedly, it has declared the formation of a board for disputes on issues of the “digital economy.”
The chamber will address the issues related to blockchain technology, smart contracts and Initial Coin Offerings (ICO). With that, it is focussed to find possible solutions for crypto-related cases. According to an estimation, the frequency of these type of cases will increase up to 40 times from 2020-2025.
On this, Elina Sidorenko, the head of the Duma working group investigating the potential risks of cryptocurrencies said that the structure for the chamber has already been created and arbitrators have been hired. According to reports, she will be heading the newly created entity.
Sidorenko further remarked, “The courts are now facing a lot of problems, including the lack of regulatory mechanisms to protect the rights of citizens, who create and apply digital technologies, and the ability to accept digital data as a new type of evidence.”
Sidorenko concludes while stating, “Major entrepreneurial interest in the digital economy can only be protected if the issuers of smart contracts will be civilly and legally liable for their activity.”
The RSPP believes that the problems of legal issues regarding the blockchain and crypto space require the creation of an independent body for arbitration.
The principal intention of the group is to remove contradictions in the government draft and to serve the interests of Russian entrepreneurs involved in crypto-related activities.
Reportedly, RSPP proposed regulations in the crypto market to the country’s Prime Minister, Dmitry Medvedev. The lobby group then requested to postpone hearings for the government draft to examine controversies and have more time to develop token classifications.