“… I spoke then about three things. First, the uncertainty about the legal status of cryptoassets and smart contracts, which had dampened the confidence of main-stream investors in throwing their financial weight beyond these technologies. Secondly, I said that, whilst there had been much work done to develop on-chain payment methods for the wholesale banking markets, these systems were not yet widely available. Thirdly, I mentioned that no routine and simple dispute resolution process had been developed for use with smart contracts and transactions involving cryptoassets and blockchain. I expressed the view on that occasion that, if these three things were readily available, it would be transformational for the industry’s confidence in the use of new technologies. Each would, in their own way, give legal security to investors and traders alike. It is worth revisiting briefly each of these areas …” (more)
Sir Geoffrey Vos, ‘Technological challenges for English law and jurisdiction’, ISDA Virtual Annual Legal Forum, 10 March 2021.
First posted 2021-03-11 19:00:12
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