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Home > Country profiles > Cyprus > Articles > Article detail






UK judge: Common Law jurisdictions, such as Cyprus, are well placed to deal with challenges

Tuesday, 20th June 2018

"Common Law jurisdictions, such as Cyprus, are well placed to deal with fast-paced changes in commercial and technological environment due to their agility, said the Chancellor of the High Court, Sir Geoffrey Vos, one of the most senior judges in the United Kingdom.

Speaking at an event organised by the British High Commission and the University of Nicosia School of Law, Sir Geoffrey said the financial world is undergoing a major revolution, noting that around 3 trillion financial deals will be entered into every year by way of smart contracts and digital ledger technology (DLT) within 5 years.

“These smart contracts will all be self-executing and recorded on the blockchain. The world’s legal systems will need to respond quickly to these changes, ready to deal with the regulatory and other problems that will undoubtedly arise”, he added.

He also noted that “ in an era when people can get every kind of service almost instantly on their smart phones, it is inconceivable that they will accept, in the longer term, the delays that are inherent in almost all justice systems. Online solutions and other forms of speedier alternative dispute resolution will be needed to satisfy the millennial generation of our ability to deliver justice”."

Read in full:  


Web-link: http://cyprus-mail.com/2018/06/16/uk-judge-common-law-jurisdictions-such-as-cypr...
Language: English


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