The Russian Association of Cryptocurrency and Blockchain will direct the legislative initiative, offering to regulate smart contracts, to the State Duma of the Russian Federation. Arseniy Sheltsin, the head of RACIB, has shared this news with the Izvestiya newspaper.
He believes that the application of smart contracts in everyday life can help common citizens to avoid red tape. According to him, a lot of processes, in such a case, would be automated and one would not have to verify and double check documents. However, the initiative is only focusing on the tokensale sector.
“Currently, we are talking about ICOs. The government treats this area quite positively. The only thing that matters is minimizing frauds in order to provide transparency and reliability of transactions,” the head of RACIB says.
Arseniy Sheltsin also explains that smart contracts are worth nothing without laws and don’t guarantee that participants will fulfill their obligations.
“If one doesn’t legalize smart contracts, they will remain a kind of unclear documents, having no legal force. Besides, parties will be able not to fulfill their obligations. Therefore, our offer on regulating smart contracts legislatively will be directed to the State Duma very soon. Next week, we will start actively cooperating with government officials,” Arseniy Sheltsin adds.
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