The problematics of legal regulation of decentralized systems on the example of blockchain and smart contracts

Abstract

Since 2016, there have been disputes over the legal regime of ‘digital currencies', or crypto-currencies. This problem is related to a large number of issues. For the first time in many years, we have an object of special kind of law, sui generis, which, on the one hand, does not correspond to the existing system of civil rights objects, and, on the other hand, requires a settlement. This article describes three of its key points. First, it is a question of competition between state institutions and technological algorithms; second, the relationship between legal regulation and the structure of decentralized networks based on consensus; thirdly, it is a problem of smart contracts. All three issues are directly related to the political and legal tasks facing the state and society in the sphere of regulation of the crypto-currency. The crisis of legal regulation of the Internet is connected with inefficiency of traditional methods of legal impact applied to information relations. This crisis is connected with the inflexible state policy in terms of adapting its own functions in connection with the changed realities. Smart contracts, studied in the article, also represent a threat to the traditional function of the state - enforcement of contracts. Modern challenges lead to a change in the methods of legal regulation and the emergence of new branches of law.