The British Chancellor of the Supreme Court and British judge Sir Jeffrey Vos said that smart contracts and cryptocurrencies will inevitably come to mass recognition in society if appropriate regulation is adopted. He said this in his speech at the Law Faculty of the University of Liverpool.
Sir Jeffrey also noted that:
“The time has come to direct the appropriate resources to study the necessary changes in the legislation so as to come to the correct and widespread use of cryptocurrencies and smart contracts.”
“Why can't smart contracts take so long to become ubiquitous?” The question of how and when they could seize the world of basic financial services has been discussed for several years now. Nevertheless, it seems that this breakthrough will never take place. ”
Earlier, Jeffrey Vos also insisted that the UK legal system may be ready for innovation and smart contracts, provided that regulatory obstacles that prevent their widespread adoption are removed. In addition, he said:
"We must avoid the new legal regime that will hinder the use of new technologies and their prosperity."
In his speech, Geoffrey Vos also stated that:
"Legal certainty will allow to cross the starting line in the near future."
It should be noted that there is no full recognition of cryptocurrency from the point of view of the law in the country, although the UK highly appreciates new financial technologies, innovations and blockchain technology . CNBC recently reported that in 2018, London-based companies received 39% of all European fintech financing.
Publication date 07/05/2019
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