Belarus first in the world to introduce smart contracts into legislation

Belarus first in the world to introduce smart contracts into legislation

Photo: PCMag UK

Belarus is the first in the world to formalize smart contracts in its legislation, BelTA news agency informs.

This is what senior partner of LLC Aleinikov and Partners Denis Aleinikov said on the decree on digital economy that President of Belarus Alexander Lukashenko signed on December 21.

"With the decree Belarus gives the world a smart contract - a contract in the form of a computer program. This mechanism can solve the fundamental problem of mankind - the failure to do what was agreed on paper. A computer program takes care of the automatic execution of the contract," Denis Aleinikov said.

He said smart contracts became widely known only in 2017: "This is a prototype, it is imperfect. But this is where the whole world is moving. The world understands that the digital economy will be dominated not by paper but by digital contracts."

Roughly speaking, two American states - Arizona and Nevada - were the first to have introduced local laws on smart contracts.

"But at the country level, no country had done it before, the first step was made by Belarus. Thanks to the decree of the head of state, Belarus becomes the first country to give the world a fundamentally new form of treaty. Tomorrow it will be done by someone else.

Perhaps some country will write a decree better than we did. But who remembers who was the second cosmonaut? The whole world remembers only the first cosmonaut," Denis Aleinikov said optimistically.

MORE: Decree on Digital Economy in Belarus: analysis