Is Facebook’s Libra Project Already a Miscarriage?

Cyberspace, Blockchain, Governance: How Technology Implies Normative Power and Regulation

“…On one side, they are strict and they cannot adapt to circumstances (unless the on-chain rule specifies how to amend itself). 56 On the other side, rules in code can be interpreted only in a single way and this should guarantee uniform application of the same rule.…”

“…Also, off-chain rules might be imposed by a third-party authority to 55 Decentralized Autonomous Organization, ETHEREUM, https://www.ethereum.org/dao [https:// perma.cc/2KXE-3MYU]. 56 Tezos, one of the first blockchains allowing token holders to modify the rules of the underlying blockchain protocol in a fully automated way (https://tezos.com). 57 Wang et al (2017).…”

“…55 So affirmed, if tokens are considered similar to securities, an ICO's could be treated in the same way as a share issue. In this respect, the ECJ 56 clarified that the issuing of shares is not an economic activity as it is made with the aim of raising capital and not providing services.…”

“…See, https://www.esma.europa.eu/sites/default/ files/library/esma50-157-1391_crypto_advice.pdf. 56 Kretztechnik (C-465/03). 57 See Article 30(a)(3) and Article 30(b)(2), VAT Directive.…”

“…55 Here the point is that the reliance on contract and contracting in governing blockchains remains, in any case, a common and central element to the networks. 56 Alongside the contract, which assume particular forms in blockchains, there are additional factors, such as conventions, customs, effectiveness. 57 In the words of an author, in blockchains "the legal framework is essentially pushed down to the level of the contract".…”