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A Legal Study on the Utilization of ETR

  • Journal of International Business Transactions Law
  • Abbr : IBT
  • 2019, (24), pp.127-160
  • DOI : 10.31839/ibt.2019.01.24.127
  • Publisher : The Institute for Legal Studies Dong-A University
  • Research Area : Social Science > Law > Private Law > International Commercial Transactions Law
  • Received : December 31, 2018
  • Accepted : January 30, 2019

LEE SANG CHEON 1 KIM EUN YEONG 2

1동아대학교
2동아대학교 법학과

Accredited

ABSTRACT

The basic direction to utilize ‘mutual distributed ledger’ based on blockchain skill has not been fixed yet. Seemingly we can say that the blockchain industry should be supported regardless of cryto-currency, but actually there are unsatisfied supports for the blockchain industry by the government, for the time being it seems that we are trying to regulate cryto-currency. If it is difficult for us to say what kind of role cryto-currency could play, It should be also difficult to decide whether it would be right for us to regulate cryto-currency or not. Actually it would be self-contradictory that the blockchain industry could be boosted under the circumstance of cryto-currency regulation. we should note that the blockchain skill has originated from the beginning with cryto-currency. The idea of government would be that the blockchain industry could be promoted widely in other areas without crypto-currency. But we are in the circumstance that there is no better industrial area to take motive to research and develop blockchain skill from than cryto-currency. I think the attitude of government is almost as same as we should put aside the R&D of blockchain skill for the time being. As contrasted with us foreign countries such as Switzerland ets. are supporting crypto-currency very positively. They have made herbs for crypto-currency and blockchain industry, one of them is ZUG in Switzerland. We are behind Japan and China in blockchain skill. We are at the top in IT technology, but we are not so in blockchain skill, behind Japan and China. It should be said that we are in the hard situation to follow them. Timely the UNCITRAL has tried to define Electronic Transferable Records and in the end the UNCITRAL Model Act on Electronic Transferable Records was made in consideration of blockchain skill in 2017. We are in need of the legislative respondence to the above legislation by the UNCITRAL. However we have limits in solving the legal problems by way of the appliance of existing laws, and new legislation should be needed. Only to take the way of partial revision in existing laws shouldn’t be sufficient, if so all new legislation should be needed to solve the above problem. For ‘mutual distributed ledger’ based on blockchain skill as way of electronic registration is quite different from that of the existing concentric electronic registration. For all that, in my thought it is not the time to make the general basic law for supporting blockchain industry. It’s too early to do that. The legislation should not be biased against a special skill and be equal to every one.

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