Blockchain must find its place within regulatory framework: Oxford Business Law blog
Rather than evading blockchain technology, the technology should find its place within the regulatory framework. This is what a member of the EU Blockchain Observatory and Forum, Anastasios A Antoniou thinks of blockchain, according to his post published in the Oxford Business Law Blog on Wednesday.
What he feels is that it is of vital importance to bring together the divide between code and law in blockchain and further called it a radical rethink of current regulation
He also compares the current legalities surrounding blockchain with an important question of the late 1990’s dedicated to cyberspace regulation. To attain a potential blockchain has to go through the law.
“If distributed ledger technology seeks to attain its full potential, it should not attempt to evade or circumvent law but rather find its place within a well-structured, relevant and versatile regulatory framework that will allow it to be exploited to its profound potential,” says Antoniou.
He also feels that the adoption of legislation in the blockchain system will help build in gaining value in the markets and building new ecosystems. He further stated that legislation should not oppose innovation but support blockchain.
“The blockchain developers should inform the law’s response to code by engaging with legislators and regulators,” he added.
As reported earlier by BC Focus, Dan Larimer, Chief Technical Officer, EOS spoke about the future of blockchain technology at the London’s Blockchain event.
He was excited in the fact that blockchain is not just limited to finance section but also in other different sections.
“Particularly, the bridge of blockchain from just being a technology to something that is seamlessly integrated… people don’t know they are using the blockchain. I think that’s the real future of the technology,” said Dan Larimer.
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