Smart Contracts in the Russian Transaction Regulation

Abstract

Purpose: Cryptocurrencies have become a mechanism for providing and guaranteeing the enforcement of smart contracts, which has made popular this type of agreement in the modern market. Today, smart contracts that are automatically executed using blockchain technology are the subject of debate in many countries, primarily because of questions that have arisen about their legal consolidation in the legislation regarding the regulation of digital assets and the legal recognition of the blockchain technology itself, which determined the purpose this scientific paper. Design/methodology/approach: The historical method was applied in the work on the features of the formation of smart contracts with the aim of a deeper understanding of the nature of this type of agreement. Findings: An assessment of such contracts is made from the point of view of existing civil law of the Russian Federation and further directions for study and development are proposed, including the improvement of the regulatory and institutional environment to maintain legal certainty. Originality/value: A formal legal and comparative analysis of smart contracts with classic contracts in electronic form was carried out to identify key differences. The areas of application of smart contracts in the world and in Russia, such as banking, healthcare, insurance and public services, were studied.