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#Russian #PM : #Blockchain is new challenge for #legalsystem

The #blockchain #technology and #smartcontracts require new #legal norms to be created, claims #Russian #PrimeMinister #DmitryMedvedev . As he predicts, it can lead to the emergence of a brand new branch of law.

The creation and expansion of the #distributedledgertechnologies will force #lawyers to apply significant creative effort to adopt current legislation to the new practices, Medvedev was quoted as saying at the St Petersburg Legal Forum.

“It is quite an unusual task for lawyers to find new efficient solutions, which can, in fact, become a basis for a new branch of law,” Medvedev pointed out.

He noticed that these technologies are developing so rapidly nowadays that the current national legal system seems to be way behind them.

“With the help of these technologies, autonomous from the government self-regulatory systems are formed, which start living by their own unwritten rules. For lawyers, it is a very interesting problem, often surpassing the boundaries of current law,” Medvedev said.....

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