English Law Reforms Proposed for Bitcoin and Ethereum to “Flourish”

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The Law Commission for England and Wales has began two new strands of work related to smart contracts and digital assets. They are to analyze the current English legal system to see if there are any gaps in the law and identify reforms. “The work on digital assets will ensure that the law is capable of accommodating electronic documents, cryptoassets and other digital assets in a way which allows the possibilities of technology to flourish,” they say. They use the simple example of possession which as currently legally defined, a digital document can not be “possessed” because the law has developed with actual documents in mind. They raise a number of other aspects, like what happens if the code does not do what the coder intended it to do due to some bug. “These questions need to be answered so that English law maintains its reputation for sophistication, coherence, and…

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