Abstract
Payments under a letter of credit are one of the forms of non-cash transactions, which is designed to meet the concerns of both the payer and the recipient of funds. Such obligations make it possible not only to perform quick payments, but also to obtain guarantee of the transfer of goods, construction or services. The advantages of this form of transactions can also be used in the implementation of blockchain technology and smart contracts, however, it requires adequate legal regulation. The aim of this publication is to consider the prospects for normative improvement of Russian legal norms in terms of regulation of both the letter of credit form of transaction and the use of information and Internet technologies in its implementation. The study conducted a comparative analysis of the subject composition and content of the “classic” letter of credit in international transactions and the initial Russian experience in the implementation of a letter of credit on the blockchain platform and the use of smart contracts. This approach, including consideration of the legislation of Russia and other countries, became the basis for the conclusion that the world community and the Russian legislator are at the initial stage of understanding this kind of public relations. In this regard, it is necessary to create unified international agreements in this area, agreed by the states among themselves, and harmonized with international standards of national law.
This is a preview of subscription content, log in via an institution.
Buying options
Tax calculation will be finalised at checkout
Purchases are for personal use only
Learn about institutional subscriptionsReferences
Inshakova Agnessa, O., Goncharov Alexandr, I., Kazachenok Svetlana, Y.: Legal regulation of the syndicated lending: banking innovations in contemporary Russia. In: Proceedings of the 5th National Scientific and Practical Conference Perspectives on the Use of New Information and Communication Technology (ICT) in the Modern Economy, Pyatigorsk, Russia. Advances in Intelligent Systems and Computing, pp. 368–377 (2019). Greenspan G. Why Many Smart Contract Use Cases Are Simply Impossible (2016). https://www.coindesk.com/three-smart-contract-misconceptions. дaтa oбpaщeния 24 Aug 2019
Zaitsev, A.M.: Smart contracts: concept and prospects of use. Arbitr. Pract. Lawyers 4(32), 28–34 (2018)
Obruchnikov, A.V., Solomatin, D.I.: Digital letter of credit using blockchain technology. In: The collection: Collection of Student Research Papers of the Faculty of Computer Science of VSU, Voronezh State University, Voronezh, pp. 215–221 (2018)
Kazachenok, O.P.: The legal regime of bank responsibility in the settlement of letters of credit. In: Entrepreneurial Law. The Application “Law and Business”, vol. 1, pp. 22–25 (2018)
Tynel, A., Funk, J., Hvaley, V.: The Course of International Commercial Law, p. 339. Amalfey Publishing House, Minsk (1999)
Minbaleev, A.V., Safronov, E.G.: The legal nature of Blockchain. Bull. SUSU. Series Law 2, 96 (2018)
Mitrofanova, I.A.: Legislative regulation of smart contracts: problems and development prospects. Legal Concept Legal Paradigm 4, 25–26 (2018)
Regulation on the rules for the transfer of funds (approved by the Bank of Russia 06.19.2012 No. 383-P) (as amended on 10/11/2018). Bank of Russia Bulletin. no. 34 (2012)
Savelyev, A.I.: Contract law 2.0: “smart” contracts as the beginning of the end of the classic contract law. Bull. Civil Law. 3, 32–60 (2016)
Smantser, M.: Blockchain platform for trade finance transactions based on smart contracts URL: https://habr.com/ru/company/raiffeisenbank/blog/332756/. Accessed 24 Aug 2019
Unified rules and customs for documentary letters of credit (UCP 600). Revision 2007. (Publication of the International Chamber of Commerce No. 600). In: International Commercial Transactions, 4th edn. ICC Publication No. 711. International Commercial Transactions. Jan Ramberg. Fourth Edition. ICC Publication No. 711E/ Jan Ramberg; (translated from English under the editorship of N.G. Vilkova). - M. Infotropic Media (2011), p. 896. IBSN 978-5-9998-0090-9
Schmitthoff, K.: Export: law and practice of international trade. Legal Literature. – M (1993). Tynel, A., Funk, I., Khvaley, V.: S.202. The course of international commercial law. Amalfey Publishing House, Minsk, p. 339 (1999), and etc
Acknowledgment
The study was supported by the Volgograd Institute of Management, a branch of the RANEPA within the framework of the implementation of the scientific project No. 04-2018 of the Higher Educational Institution “Topical issues of protecting rights and freedoms in the digital space”.
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2020 Springer Nature Switzerland AG
About this paper
Cite this paper
Agibalova, E.N., Ilovaysky, I.B., Kayl, Y.Y., Usanova, V.A. (2020). Use of Letter of Credit Form of Payment in the Implementation of Smart Contracts and Blockchain Technology. In: Popkova, E., Sergi, B. (eds) Scientific and Technical Revolution: Yesterday, Today and Tomorrow. ISC 2019. Lecture Notes in Networks and Systems, vol 129. Springer, Cham. https://doi.org/10.1007/978-3-030-47945-9_18
Download citation
DOI: https://doi.org/10.1007/978-3-030-47945-9_18
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-030-47944-2
Online ISBN: 978-3-030-47945-9
eBook Packages: Intelligent Technologies and RoboticsIntelligent Technologies and Robotics (R0)