Law

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Smart Contracts Are No Problem for the World’s Legal Systems, so Long as They Behave Like Legal Contracts

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“In every conceptual and practical sense that matters, we believe that smart contracts are contracts. It will simply take a while for the world to become as familiar with them as they are with cocktail napkins.” Legal experts discuss the place of smart contracts within the legislature framework Go to Source Powered by WPeMatico

Mt. Gox Restitution Process Frozen Due to One Man’s $16B Claim

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On Jan. 31, Mt. Gox victims were enraged to hear that the founder of Coinlab, Peter Vessenes, is still causing problems for the former exchange’s rehabilitation process. According to information published by public attorney Daniel Kelman, Coinlab filed a claim for ¥1.7 trillion yen (US$16 billion) which is over and above every claimant’s filing. Also … Read more

Venezuela’s New Cryptocurrency Rules Enter Into Force

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The decree establishing a legal framework for cryptocurrencies in Venezuela has entered into force. It contains 63 articles including rules for the purchase, sale, use, distribution, and exchange of cryptocurrencies and related products. It also mandates a registration system and details audit procedures, penalties for non-compliance, and how mining equipment can be confiscated. Also read: Indian Supreme … Read more

Wyoming Senate Passes Bill Recognizing Cryptocurrency as Money

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The Senate of the U.S. state of Wyoming has passed a bill which defines cryptocurrency as property and establishes rules including for allowing banks to provide crypto custodial services. For secured transactions, however, the bill recognizes cryptocurrency as money subject to some of the same rules as money in the state. Also read: Indian Supreme Court Moves … Read more