Actual Problems of Using Smart Contracts in Business Activity

The article is devoted to the problems of legal regulation of smart contracts and the specifics of virtual legal relations in modern Russian legislation. The article presents the key problems of using smart-kcontracts in business activity at the present stage of formation and development of digital legal relations (technologies) within the digital economy. Based on the substantiation of the prospects for the development of smart contracts, their place in the system of virtual and traditional civil contracts, the article defines the subjects and objects of legal regulation based on the blockchain platform, hashgraph, ethereum and other innovative platforms. Both strengths and weaknesse in the practice of using smart contracts, their structure and functions are identified; problems and ways of improving legislation in the field of innovation and digitalization of entrepreneurial activity are substantiated. The general characteristic of the legal environment in the system of virtual transactions is given. In particular, the causes and consequences of the lack of proper legal regulation of the use of smart contracts in business activities are identified and a scientific and practical assessment of possible risks and collisions of their application is presented. Particular attention is paid to the legislative framework in the field of functioning of cryptocurrencies, tokens and other digital assets in the legislative practice of the Russian Federation and the prospects for their improvement are determined. Practical conclusions are drawn about the need to work out the algorithm in the field of legal technology on virtual contracts, the legal status of cryptocurrencies and well-known digital platforms.

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