PROPOSALS TO ALLOW ELECTRONIC DOCUMENTS WOULD REVOLUTIONISE TRADE – AND A CALL FOR EVIDENCE ON CRYPTOASSETS AND OTHER DIGITAL ASSETS

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.

https://www.lawcom.gov.uk/proposals-to-allow-electronic-documents-would-revolutionise-trade/

https://www.lawcom.gov.uk/project/electronic-trade-documents/

https://www.lawcom.gov.uk/project/digital-assets/

https://s3-eu-west-2.amazonaws.com/lawcom-prod-storage-11jsxou24uy7q/uploads/2021/04/6.7434_LC_Digital-assets-consultation-summary_web3.pdf

Any modest contributions for my time and ongoing expenses are welcomed!  I have a page, where contributions start as low as $3, at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s