Smart Contracts in Russian Law: Absence of a Definition and the Related Legal and Practical Problems

Abstract

This article examines the lack of a clear legal definition of a smart contract in Russian legislation and its impact on the legal status, interpretation, regulation and practical implementation of this technology. The authors consider various attempts to introduce the term ‘smart contract’ into Russian legislation and analyze the proposed definitions of a smart contract from various parties. The key legal and practical problems associated with the use of smart contracts are highlighted, such as uncertainty of status, difficulties of interpretation, possible failures, limited flexibility, impossibility of changes and procedures for concluding. The article also emphasizes the need to develop a balanced and clear legal regulation of smart contracts in Russia, taking into account the technical and legal aspects of this technology and ensuring the protection of the interests of all parties.