Regulation has been on my mind, I am yet to form a positive or otherwise image thereof. I do however, have to suggest that international commercial arbitration (ica) has its merits when combined with crypto.
Georgetown Law
If you decide to arbitrate you basically tell your judicial system - you and & ❡ will be resolving your dispute your way (there are requirements which need to be meet before the agreement is valid - pretty sure including such a term in a smart contract would take minimal exertion of effort. Consequence = arbitration award will be final and binding & enforceable in a national court (Moses, 2008) - most national courts.
So, the most favorable aspects of ica are said to include: tailor made ADR process to suit the needs of the parties,neutrality of the forum, ‘opportunity to select arbitrators who are knowledgeable in the subject matter of the dispute’, flexibility (Moses).
Today, international commercial arbitration has become the norm for dispute resolution in most international business transactions (Moses)
Karolus_BR
So I am working on finishing this thought. But my initial intuition is as I am currently in this field and thus have 💭 visiting me. If as the crypto arena is relatively nascent and thus should be left to 🍄 or otherwise through ica - more specifically anytime a contract is entered into it should specifically have a arbitration clause - which is closely monitored and drafted by the membership of both respective entities
❡say this because the view taken by our government at least for now states that virtual currencies are “a digital representation of value that can be digitally traded and functions as a medium of exchange, a unit of account and/or a store of value, but does not have legal tender status” thus we are free to ‘protect’ ourselves (for lack of a better word) through ica - well I am still in the process of finishing up this thought....
Mzansi Renaissance If you are interested in a project I am working on PLEASE click & share however you can. Talk to us
👈🏾PRESS
Help us help the African youth who have the potential to transform the way we analyze how things work and are done - maybe also input some valuable information into the network for when the singularity does finally happen - Singularitarianism anyone 🤔
Thank for the eye candy: Georgetown Law, Karolus_BR