Unification of Law. A General Survey of Work for the Unification of Private Law (Drafts and Conventions) 1947-1952. Volume 3. International Institute for the Unification of Private Law

Abstract Various states have started providing private law frameworks for blockchain transfers and crypto assets. France and Liechtenstein have adopted the first acts, while a commission of the British government sees no difficulties in extending property protection under the common law to crypto assets. In the USA, an amendment to the Uniform Commercial Code has been suggested, which has not stopped some states going their own, different way. The aim in all cases is to promote the use of modern distributed ledger technology and enhance investor protection. While these initiatives will increase legal certainty, they differ significantly. This has an important downside: there is a strong risk that the blockchain will be made subject to diverging legal rules. Similar to the world of intermediated securities, various national laws will need to be consulted to determine the rights and privileges of investors. This may increase transaction costs, thwart interoperability, and produce thorny conflict-of-laws problems. Markets risk being fragmented into national segments, with an inevitable diminution of their depth and liquidity. As a remedy, this article suggests developing uniform rules for the blockchain. Before national legislators and judges once again divide the world through idiosyncratic rules, the private law of crypto assets should be harmonized to the highest degree possible. Uniform rules should ideally be forged at the global level, by fora like the International Institute for the Unification of Private Law (UNIDROIT), the United Nations Commission on International Trade Law (UNCITRAL), and the Hague Conference on Private International Law. In the absence of worldwide rules, uniformization of private law should take place at the regional level—for instance, by the European Union. The article makes specific suggestions as to how this can be achieved and what the content of those rules should be.

Download Full-text

International Institute for the Unification of Private Law (UNIDROIT)

International Year Book and Statesmen's Who's Who ◽

10.1163/1570-6664_iyb_sim_org_40328 ◽

2014 ◽

Cited By ~ 3

Keyword(s):

International Institute ◽

Private Law

Download Full-text

The Proposed International Hotelkeeper's Contract …Does it Benefit Anyone?

Hospitality Education and Research Journal ◽

10.1177/109634808500900206 ◽

1985 ◽

Vol 9 (2) ◽

pp. 53-62

Author(s):

Francis X. Brown

Keyword(s):

International Institute ◽

Private Law ◽

The World ◽

The Government ◽

The Right

The International Institute for the Unification of Private Law proposed that an International Hotelkeeper's Contract be signed by all nations so that innkeeping laws be consistent throughout the world. The benefit to innkeepers is the right to sue guests who fail to use the agreed upon accommodations for a percentage of the first seven days rent if the innkeeper can prove actual damages. The disadvantage to the innkeeper is the responsibility for all guest property up to 500 to 1, 000 times the daily room rate. Lined up against the proposed contract are both the International Hotel Association and the American Hotel and Motel Association. In favor of the contract are the government representatives who voted for it. The paper discusses the seeming inconsistencies between the groups.

Download Full-text