World Blockchain Jurisdiction (WBJ)

Digital resources harmonious global management

The Institute of Digital Economics and Law presented the Concept for the creation of the World Blockchain Jurisdiction (WBJ).

The proposed WBJ Concept is to create a global supranational blockchain network that will operate on the basis of an international convention, and its miners will be not individual citizens or companies, but states.

The idea of ​​WBJ is to create an autonomous world organization based on distributed registry technology and not part of any national jurisdiction. Its creation can be implemented, as written in the concept of the WBJ, by signing an international convention. States that express their willingness to accede to the Convention will thereby confirm the legitimacy of such an organization and the granting of appropriate rights to it, as well as the opportunity to carry out mining, earning income for it.

The algorithm of smart contracts built WBJ blockchain network will include automatic taxation, i.e. automatic retention of a part of the transaction income to the consolidated budget of the WBJ, which will be distributed further between state governments - miners.

Accession to the Convention will allow states, according to the developers of Konvecii, to have common positions, to pursue a coordinated policy on regulation and interpretation regarding the nature of cryptoactive assets and the processes and phenomena associated with them. This will allow each acceding state to integrate regulation into national legislation.

In the framework of the World blockchain jurisdiction of WBJ, all known categories of “cryptospheres” can exist - cryptocurrency, tokens, smart contracts, cryptobirds. It will also be possible to create crypto companies - legal entities that exist in digital form and even crypto citizens. It is proposed to monitor the functioning of the global blockchain network with the help of independent auditors, and resolve disputes with the help of independent arbitrators, who would receive remuneration for their services from the consolidated WBJ budget.

Project author - Sergey Gorbunov - President of the Digital Economy and Law Institute

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