Russian entrepreneurs create a Board on cryptocurrency disputes

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The Russian Union of Industrialists and entrepreneurs (RSPP) plans to create an arbitration Board for disputes, which would deal with controversial situations related to cryptocurrency transactions, smart contracts and the sale of tokens during the primary supply of coins (ICO).

The College disputes will include cryptocurrency experts and specialists at blockchain technology. The arbitration body will be headed by Elina Sidorenko, which currently coordinates a working group on the assessment of the risks associated with the use of cryptocurrencies. According to Sidorenko, the need for an independent Board on disputes due to the complexity of the legal issues in the blockchain industry. New arbitration body will take on the duties of the arbitrator.

According to statistics, in the Russian kriptonyte increased the number of fraud cases. According to experts, the number of unscrupulous blockchain projects by 2025 will grow 40 times. One of the main causes of rampant crime in the digital economy sector is the lack of regulations governing the circulation of cryptocurrency. Board on disputes will struggle with swindlers, to protect the rights of consumers and entrepreneurs, guided in its activities by the Civil code and Code of administrative responsibility.

RSPP lobbying government in the interests of cryptocurrency businesses. In October, the Union has developed an alternative law on digital assets and sent their proposals to the Prime Minister Dmitry Medvedev. Members of the RSPP called on MPs to defer hearings on the law on digital assets to discuss its final version. Recently, the bill eliminated the key terms “cryptocurrency” and “mining”, so a reasonable question arises: what will regulate this law?

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