Liberalising blockchain: An application of the GATS digital trade framework
Blockchain technology and the World Trade Organization share the same principles of liberalisation and democratisation of trade. Relying on cross-border data flows and an open environment, blockchain platforms, such as Bitcoin and smart contracts, dispense with a central intermediary and distribute...
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| Format: | text |
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Animo Repository
2019
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| Online Access: | https://animorepository.dlsu.edu.ph/faculty_research/11352 |
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| Institution: | De La Salle University |
| Summary: | Blockchain technology and the World Trade Organization share the same principles of liberalisation and democratisation of trade. Relying on cross-border data flows and an open environment, blockchain platforms, such as Bitcoin and smart contracts, dispense with a central intermediary and distribute the function of validating transactions to a peer-to-peer network of participants, who maintain and update a record of all transactions in a transparent and immutable distributed ledger. The General Agreement on Trade in Services (‘GATS’) — as the only multilateral treaty that creates binding international obligations on the treatment to be accorded to service suppliers, including online services — provides a solid foundational framework for services supplied by participants on blockchain, even if, unsurprisingly, several grey areas exist. Applying GATS to blockchain means that many prohibitive regulations imposed by countries — from banning mining to criminalising the possession of cryptocurrencies — may be considered barriers to trade. |
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