On 30 April, the Law Commission in the UK published a paper and launched aconsultation on proposals to allow for the legal recognition of electronic versions of documents such as bills of lading and bills of exchange. It is also considering reform of the legal treatment of cryptoassets and digital assets and has published a call for evidence as part of that process. It highlights 3 criteria that electronic trade documents would need to meet so that they can be possessed in the eyes of the law and therefore used for global trade as an alternative to paper versions. It claims that currently a single transaction can require between 10 and 20 paper documents, totalling over 100 pages with global container shipping estimated to generate 28.5 billion paper documents a year.
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