Crypto Assets And Smart Contracts Will Eventually Enter Into Social Fabric, UK Lawyer Affirms
Sir Geoffery Vos, Chancellor of the High Court in the United Kingdom, has recently talked about how cryptocurrencies and smart contracts are inevitable, but they should be regulated in order to provide society with the best results.
He spoke at the University of Liverpool School of Law and the Northern Chancery Bar and used his time to explore all the changes that need to be done in order for the society to be well-prepared for the ascension of these new technologies.
According to him, the starting point of the whole discussion is to understand why smart contracts have taken so long to become ubiquitous and why they are not making the break into the mainstream.
He has also indicated that the legal system should be reformed in order to let this kind of technology proliferate since some legal impediments could get in the way of the technology and it is set to bring several benefits for society as a whole. According to him, discouraging laws which may prevent the use of new technologies is something needed at the moment.
Vos also seemed to indicate that more cryptocurrencies will be used in the future and that their presence was certain to grow in society with time.
However, he has acknowledged that one of the greatest difficulties of the moment is to effectively legislate this area. According to him, this will happen soon, too, and it will be a very important moment, so the experts and the lawmakers need to be prepared for it.
At the moment, the United Kingdom is still struggling in order to regulate cryptos and to determine how they will be used in society. Several regulatory voices have clashed recently as some want to allow more freedom for the market while others are considerably more interested in protecting the current industry from any kind of disruption that new technologies could bring.
Recent surveys have shown that most people in the country are not holding cryptos at the moment, but the number of holders is getting higher each year.