The idea of World Blockchain Jurisdiction (WorldBlockchainJurisdiction or WBJ) was voiced by the resident fellow of the Digital Economy and Legislation Institute at the crypto conference in Minsk dedicated to the issues of state control over the digital financial assets, as reported by a local news portal.
The innovativeness of WBJ conception lies in the fact that it envisages the creation of a global supranational blockchain network which would function on the basis of an international convention and allow the whole states to act as crypto miners.
“The countries acceding to the Convention through recognizing this jurisdiction, would be empowered to carry out cryptocurrency mining and get the profits out of it. The related smart contract algorithm will envisage the automated taxation, that is, retaining part of the resulting profits into WBJ’s consolidated budget to be distributed between the miner countries,” – he explained.
Gorbunov stressed that acceding to the Convention will ensure the intercountry consensus on the issues of the status of crypto assets and related processes and phenomena, while harmonizing dedicated regulatory frameworks among the member countries. In addition, such a system will allow for creation of digital legal bodies and even make the existence of crypto citizens possible.
Overall control over the network’s functioning is supposed to be executed by a body of independent auditors, whereas all the claims could be settled by independent arbitrators paid from WBJ’s consolidated budget.
According to Gorbunov, the implementation of this conception would help to solve a number of problematic issues in the sphere of digital assets and their regulation. In particular, it would create a safe buffer environment between crypto assets’ jurisdiction and real global economy, while providing for the unified approach to legalization and regulation of crypto assets and bringing the matters of blockchain regulation to the supranational level.