BRICS Legal Forum to focus on cybersecurity, cryptocurrencies regulation

MOSCOW, November 28. /TASS/. Cybersecurity and cryptocurrencies regulation will be among the key issues to be discussed at the 4th Legal Forum of BRICS countries (Brazil, Russia, India, China and South Africa) due in Moscow on November 30 - December 1, Board Chairman of the Association of Lawyers of Russia Vladimir Gruzdev said in an interview with TASS. The Association is the organizer of the upcoming forum, which is an open platform for cooperation and change of experience and ideas between lawyers of BRICS countries, promotion of ‘legal diplomacy’, alignment of professional communities, and exchange of legal theory and practice. According to Gruzdev, "the development of digital technologies that change both the economic structure and many social interactions" will be one of the main issues on the agenda of the forum. He assumes that the principles developed now by representatives of the Association of Lawyers of Russia at the instruction of Russia’s Prime Minister Dmitry Medvedev on creation of a legal base for digital economy, may be used for developing legislation for BRICS countries as well. "The moment is right for harmonizing approaches to regulation in this sector, as this will facilitate expansion of economic ties," he said. Cooperation in the cybersecurity area will be another important topic raised at the forum, Gruzdev said. "We will also discuss cryptocurrencies regulation," he confirmed, adding that the Association would propose BRICS countries to unite their efforts to find the most appropriate model of cryptocurrencies legal regulation. An example would be China where the use of cryptocurrencies has been banned, whereas in India, on the contrary, no ban has been imposed, he said. "Russia has not decided on regulation in this area yet, though the issue is very important as all required requests of President to prepare proposals on amendments to the current legislation until July 1, 2018 are in place," Chairman explained. "We are interested in the position of China and India, since those two countries are the leaders in the global economy not only from the viewpoint of equipment production, but from the viewpoint of development as well," he said. The Association of Lawyers of Russia will "prepare its own proposals on amendments to the legislation regarding the issues related to cryptocurrencies and digital economy on the whole," Gruzdev said. "The time is ripe for bringing this market to the legal boundaries," he added. When asked how the decisions made during the forum will be enforced, Gruzdev said that "a declaration will be signed by legal communities of Russia, China, India, Brazil and South Africa." "Heads and participants of national delegations will attend the forum, meaning people taking high positions in the legal system of their countries or in the justice system of their countries, who enjoy much influence and authority," he said. Read more