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Article

Некоторые риски токенизации и блокчейнизации гражданско-правовых отношений

Закон. 2018. № 2. С. 36-51.

The paper is focused on the analysis of the problems that may be driven by mass tokenization of the objects of civil law, i.e. creation of a digital representation of such object in the form of a record in blockchain where the value of such object is transferred subsequently by means of disposal of such token, which is a subject of separate rights to it. There are three problems outlined in the paper: 1) a possible displacement of existing legal regimes of objects of civil rights by the legal regime of the token; 2) the problem of definition of the nature of rights to token (in rem vs. in personam) as well as remedies for their violations; and 3) privacy issues associated with the growth of metadata relating to performed transactions, and resulting from mass tokenization and blockchainization of law. Provisions of the Belarus Decree “On the development of digital economy” of 21 December 2017 were taken to Illustrate the problems.