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Law Commission launches call for evidence on smart contracts

On 17 December 2020, the Law Commission published a call for evidence on smart contracts. This follows from the announcement made by the Commission in late September that it had begun work on analysing English law in the context of smart contracts (and digital assets).

The call for evidence seeks views about, and evidence of, the ways in which smart contracts are being used, and the extent to which the existing law can accommodate them. The following topics will be covered:

  • What is a smart contract
  • Formation of smart contracts
  • Interpretation and smart contracts
  • Remedies and smart contracts
  • Consumers and smart contracts
  • Jurisdiction and smart contracts

The call for evidence closes on 31 March 2021. It will interesting to see what certainty, in a legal context, will stem from this exercise. An interesting space to follow!

"To ensure that the jurisdiction of England and Wales remains a competitive choice for business, there is a compelling case for reviewing the current legal framework in England and Wales to ensure that it facilitates the use of smart contracts."

Tags

blockchain, financial services, fintech, new technology