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Belarus becomes first country to legislate smart contract

Economy 22.12.2017 | 14:48

MINSK, 22 December (BelTA) – Belarus has become the first country in the world to legislate the smart contract, Denis Aleinikov, a senior partner in the Aleinikov&Partners law firm, noted during a meeting between Belarus President Alexander Lukashenko and representatives of the business community on 22 December, BelTA informs.

“The digital economy development decree has given the world the smart contract which is basically a computer program. This mechanism can solve the fundamental problem of the humanity: the non-fulfillment of obligations written on paper. Now a computer program takes upon itself the function of automated contract performance,” Dmitry Aleinikov remarked.

Smart contracts became widely known only in 2017, he stated. “This is just a prototype which is not yet perfect. This is, however, what the whole world is moving to. The world understands that digital contracts will dominate in the digital economy instead of paper ones,” the expert said.

In his words, two US states – Arizona and Nevada – passed bills recognizing smart contracts in 2017. “Belarus, however, has become the first country to do this at the national level. Thanks to the ordinance signed by the head of state, Belarus has become the first country to give the world an absolutely new kind of contract. Maybe, some other country will do this tomorrow. Maybe, some other country will adopt a better ordinance than ours, but does anyone remember the second man in space? The name of the first one will never be forgotten,” Denis Aleinikov added.

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