Russia's constitutional court expects crypto -related cases - regulation
Russia's constitutional court expects crypto -related cases - regulation
The constitutional court of the Russian Federation will increasingly have to deal with cases of new individual individual rights, his boss recently admitted. Some of them are related to cryptocurrencies and blockchain technology, the official believes.
Constitutional Court of Russia defends rights regarding cryptocurrencies
Constitutional jurisdiction is increasingly influenced in relation to the protection of human rights by the emergence of a new generation of rights, Valery Zorkin, Chairman of the Constitutional Court of Russia. These are different rights, including environmental, reproductive and information rights, says Zorkin in a Article Rossiyskaya Gazeta, the official government newspaper.
In view of this, the high -ranking representative of the Russian judiciary notes that the Constitutional Court in the near future must take these new rights of the individual, which result from the scientific and technological revolution, when examining the symptoms submitted to the institution.Life changes rapidly and new legal regulations appear, explains Zorkin, such as "robots, artificial intelligence, biotechnology, new transports and so on". The constitutional judge adds:
not to mention things that have already become commonplace, such as new financial instruments, blockchain (distributed ledger), cryptocurrencies and so on.
However,Valery Zorkin also warns that innovation can bring about both advantages and risks. "After all, human nature is the case that what some have invented to improve people's lives, others can find out how to make it evil," he says.
In the opinion of Zorkin, nobody can predict whether the losses would be greater than the profits at a certain point in time. He sees the role of the court as a "universal regulatory authority" with the task of preventing negative consequences of these developments and at the same time ensuring that they do not hinder progress.
Zorkin's comments come at a time when Russia has only partially regulated cryptocurrencies and associated activities. The law "about digital financial investments", which came into force in January of this year, offers important legal definitions in the crypto room, but does not introduce any rules for the circulation of digital coins in the country.
The mining of cryptocurrencies is not properly regulated despite the increase calls of civil servants to recognize it as an entrepreneurial activity. Aspects in connection with the taxation of income, profits and transactions in virtual currencies must also be addressed.
Last week the Russian Association for Crypto Economics, Artificial Intelligence and Blockchain ( ratibus ), the most important organization of the crypto industry in the country, struck authorities in Moscow for "absolutely nothing" to free the sector from the shadow economy. The criticism comes four years after President Vladimir Putin commissioned the passing of legal regulations that are the legal status in the financial sector used digital technologies should define by July 2018.
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