[2016-05-19] Russian PM: Blockchain is new challenge for legal system

[smartgerman]

Russian PM: Blockchain is new challenge for legal system
The blockchain technology and smart contracts require new legal norms to be created, claims Russian Prime Minister Dmitry Medvedev. As he predicts, it can lead to the emergence of a brand new branch of law.
http://www.coinfox.info/news/5521-russian-pm-blockchain-is-a-new-challenge-for-the-russian-legal-system

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[Carlton Banks]

Wrong Medvedev, the blockchain supersedes and circumvents your barbaric "legal" system

[yayayo]

Wrong Medvedev, the blockchain supersedes and circumvents your barbaric "legal" system

I think the Russian legal system is not more barbaric than that in the US or the EU. Maybe the execution is barbaric, due to widespread corruption. But the phenomenon that governments have a problem with anything developing freely is in no way limited to Russia. Just look at the barbaric Bitlicense and the KYC / AML lunacy in the US. Compared to that, Russia has been even less oppressive - simply because laws are enforced with much less efficiency.

The sickness of politicians is that they always have to do something when they discover a new phenomenon when in fact it would be much better for society if they did nothing.

ya.ya.yo!

[Carlton Banks]

Well I guess the whole world is looking pretty barbaric right now when you think of what it would be like when cryptography ensures all your private rights. And we're right at the beginning of demonstrating the ways it can be done. I expect Bitcoin won't be the last cryptographic application that turns the world upside down.