BRICS Law Journal 

About: BRICS Law Journal is an academic journal published by Publshing House V.Ема. The journal publishes majorly in the area(s): China & Human rights. It has an ISSN identifier of 2409-9058. It is also open access. Over the lifetime, 197 publications have been published receiving 472 citations. The journal is also known as: BRICS LJ.

Cryptocurrencies legal regulation

Abstract: This article evaluates the legal framework of cryptocurrency in various countries. The new currency instrument is abstract currencies. They are currencies in the sense that they can be exchanged peer-to-peer. They are representations of numbers, i.e. abstract objects. An abstract currency system is a self-enforcing system of property rights over an abstract instrument which gives its owners the freedom to use and the right to exclude others from using the instrument. Cryptocurrency or virtual currency is a cryptographically protected, decentralized digital currency used as a means of exchange. Due to the development of new technologies and innovations, the rate of use of virtual currency is rapidly increasing throughout the globe, replacing not only cash payments and payments by bank transfer, but also electronic cash payments. Among the best-known representatives of cryptocurrencies are Bitcoin, Litecoin and Ethereum. Legal scholars have not yet reached a consensus regarding the nature and legal status of virtual currency. Virtual currency possesses the nature of obligations righ ts as well as property rights, since it may be both a means of payment and a commodity. Depending on the country, the approach to cryptocurrencies may be different. Today there is already an international cryptocurrency community that does not have a single coordinating center. Only progressive jurisdiction and state regulation of cryptocurrency activity will allow the creation of the conditions that will ensure the implementation of legitimate and safe cryptocurrency relations.

Cryptocurrency regulation in the BriCs Countries and the eurasian economic union

Abstract: This article presents the results of a comparative analysis of the legislative approaches to the regulation of cryptocurrencies in the BRICS countries and the Eurasian Economic Union. During the analysis, regulatory legal acts and draft laws, including material on judicial practice, of the Russian Federation, China, India, Brazil, the Republic of South Africa, the Republic of Belarus, Kazakhstan, Kyrgyzstan and Armenia were studied. The use of a comparative-legal method makes it possible to develop recommendations about the development of legislation on the circulation of cryptocurrencies within the BRICS countries. The assessment of the experience of EEU countries, and especially that of the Republic of Belarus, has great importance since the Russian Federation is a member country of both the EEU and BRICS. Comparative analysis was achieved by taking into account such key points as the existence of a regulatory framework, regulation of transaction taxation and counteracting the legalization of profits from crime. The results of the analysis are presented for each country separately and then systematized in the form of an analytical table. Based on the analysis, three approaches to the regulation of cryptocurrencies are identified: conservative, liberal and neutral. The study of the experiences of the BRICS and EEU countries allowed the authors to conclude that these countries need to formulate similar requirements for the regulation of cryptocurrencies so as to avoid the migration of investment and capital to other countries which have a more liberal approach.

Regulatory sandboxes (experimental legal regimes) for digital innovations in brics

Abstract: Step by step, new digital technologies are capturing different spheres of our life. The opportunities of their application are almost infinite, and potential is very promising. But digital innovations as a trend represent a challenge for every modern state. Especially for member-countries of the BRICS union who seek to become the world’s leading countries. For this reason, the most important task for the members of BRICS is to create adequate “smart” regulation, which offers alternative ways of regulatory impact on transforming business relations. Using the regulatory sandbox as an experimental legal regime is one of the ways to test the creation, production, and realization of digital innovation. Having been first applied in 2016 in the United Kingdom, nowadays this model is successfully implemented in such countries as Singapore, Australia, and the United Arab Emirates. Member-countries of BRICS are only beginning to adopt this unorthodox tool; in most of its countries the legal framework is ongoing now. The aim of this research is to analyze current legislation and legal framework on the regulatory sandboxes in BRICS countries, define features of national models, difficulties and further prospects of its usage. This research is based on the comparative and formal juridical analysis of legislation, draft laws, and research papers dedicated to regulatory sandboxes in BRICS. The authors identify different barriers and risks of using regulatory sandboxes for the digital innovations successfully and offer some ways to overcome these challenges, including the formulation of guidelines for operating regulatory sandboxes based on a balance of public and private interests. The authors conclude that it is necessary to update legislation on the regulatory sandboxes for reaching positive effect from the digital transformation and make several suggestions for optimization its provisions. The results achieved in research paper can be used both in the lawmaking process as well as the foundation for further scientific researches.

Brics countries’ political and legal participation in the global climate change agenda

Abstract: The article presents an overview and analysis of international legal regulations on climate change. The authors examine how the international regime related to climate change has evolved in multilateral agreements. A special focus is put on the principle of common but differentiated responsibilities which became the basis of discord among states in discussing targets and responsibilities in climate change mitigation. The authors note that in 2015 the international climate change regime entered a new stage where the most important role is determined for developing countries, both in the legal and in the financial infrastructure, and in the formation of an international climate change policy. The importance of the participation of Brazil, Russia, India, China, and South Africa (BRICS) in an international climate change regime has been recognized for some time. The article describes the policy and regulations on climate-related issues in BRICS. The authors compare the key actions and measures BRICS have taken for complying with international climate change documents. They highlight that global climate change action cannot be successful without BRICS countries’ involvement. BRICS must therefore make adequate efforts in emissions reduction measures and significant commitments in respect of the international climate change regime. The authors propose three major steps for BRICS to take the lead in dealing with climate change. First, BRICS need to foster further discussion and cooperation on climate issues and work out an obligatory legal framework to fight climate change collectively as well as unified legislation at their domestic levels. Second, Russia and other BRICS countries have the potential to cooperate in the field of renewable energy through the exchange of technology, investment in the sector, and the participation of their energy companies in each other’s domestic market. Assuming Russia will support the development and enhancement of renewable technologies in BRICS countries, it can take a leadership position in the group. Third, in the international process of tackling climate-related issues BRICS should act as a bloc. Russia’s distancing itself from its partners is considered a deficiency in strengthening the BRICS countries’ role in global governance. BRICS are capable of serving as a vigorous platform in driving climate change negotiations leading to effective binding regulations in 2020–2030 and, provided that the countries cooperate successfully, BRICS will carry the combined weight of the entire group in the global arena.

Civil justice in china

Abstract: This article presents a basic and comprehensive introduction of Chinese civil justice. It gives a complete picture of Chinese civil justice, including the brief history, the court and judge system, the outline of the procedure, and the internationalization. Through the introduction, one can find that Chinese civil procedure law is a mixture of Soviet procedural concept, Chinese local culture, and western procedural concept and rules. It is still a developing procedure and experiences a process from resisting western procedural concept to gradually accepting and learning from it. It used to be a supra-inquisitorial trial model with overwhelming focus on conciliation, but is now transforming to aparty disposition trial model with preference to conciliation under the premise of voluntariness. With the globalization of economy, the international cooperation of China, especially with the BRICS countries, will also become more and more important.