The future is written in Blockchain
An initiative that arises from a group of professionals with international experience in the legal, technological, industrial, and electrical sectors.
Let’s learn to read again.
Using blockchain technology and cryptocurrencies means great savings for international companies. BACS is an association of private law and commerce, legally constituted and formed by members of the community empowering businesses and resolving internal conflicts. That is; a legal environment that respects, fosters and resolves crypto problems from within.
Through an association of members from the legal and technological environment, to whom we offer training in this new technology, networking, audits and quality seal. BACS operates as a Legal Oracle in legal businesses that employ blockchain and cryptocurrencies. We have the first specialized Arbitration Court, internationally recognized, and whose rulings are enforceable.
BACS’ activity is critical because current law is not prepared to assume this new technology. Classical legal systems resolve conflicts between hierarchical and centralized organizations, but the new blockchain technology requires new legal institutions. Blockchain, like smart contracts and tokens, surpasses the current regulatory system.
BACS is formed by a crypto commercial and legal community that, respecting the private and autonomous law that arises in this new context, resolves private conflicts in a secure and transparent manner. In the crypto world, regulation is the community itself, so the community must create and respect its own law.
The change of paradigm
¿Why BACS is born?
On January 3, 2009, the ball of Bitcoin began to roll, in a new game with its own unique rules, never before seen in the history of humanity. Perhaps the most characteristic feature of this new game is that there are no referees. The first question one asks when encountering Bitcoin is how something supposedly serious, such as the issuance of a digital currency, can function without the supervision of a judge. Our mentality cannot conceive that the community, made up of everyone present in the stadium, validates each of the actions in the game. If something is not approved, the ball does not move forward. And once approved, it cannot be subject to revision.
Do we need states to regulate this new phenomenon?
Partly yes, and partly no. The crypto world openly wonders, how will states regulate cryptocurrencies? When will regulation arrive? Years go by and the rules still have not arrived, partly because of the disruptive nature of this new technology.
Before leaving the regulatory aspect in the hands of the states, which is our natural tendency, we should answer these questions: what is the proper right of cryptocurrencies? What kind of law fits into Bitcoin? What is the law that can respect and respond to this new community that advocates for a decentralized government?
First of all, Bitcoin is self-regulated
Some challengers or ignorants claim: Bitcoin is not regulated, it is dangerous! But the truth is, yes, Bitcoin is regulated. And it is by itself and by the community that supports it. Bitcoin does not exist because states and governments have studied and determined its issuance and operation before it saw the light. It was simply offered to a tiny community, informing them of what its unmodifiable programmed rules were (except by agreement of the majority of nodes).
From a legal point of view, Bitcoin contains the basic rules and regulations of operation, which means that it is self-regulated. Hence, Bitcoin will continue to be what it is, regardless of what the states decide. This approach, allowed by technology, completely breaks with over five hundred years of centralized organization around the state. Now, and this is what Bitcoin tells us, we can organize ourselves without the chains of state bureaucracy, in a safer, more transparent, efficient, and profitable way.
Secondly,
Bitcoin is private law, It is not issued by states. The consequence of this reality is enormous. Now, it is the community that decides whether Bitcoin has value or not (not the states); whether Bitcoin is money or not (not the states). With Bitcoin, we are witnessing the return to the sovereignty of individuals, that is, the sovereignty of the community. Being so, the proper right of the crypto community will be what the community says it is.
Thirdly,
Bitcoin is autonomous law, that is, it survives by itself and for itself, without the need for third parties. The elimination of the trusted third party, Bitcoin’s great contribution, implies a break in the need for hierarchical and centralized organizations. This also affects the law that regulates it.
Fourthly,
Bitcoin is unchangeable. Technically, it can be modified if approved by the majority, but it cannot be repealed. In that sense, it would be like a country’s constitution, which requires a majority to be modified. All the states in the world could gather and agree for the first time in history to increase Bitcoin’s issuance from 21 million to 100 million. Nevertheless, Bitcoin would maintain its issuance of 21 million.
Bitcoin is more robust than the constitution of a modern state. Bitcoin is even more robust than the will of all the states in the world! And that means that states today do not have as much power as they did before January 3, 2009. It could be said that Bitcoin is written in stone, but it is better, Bitcoin is written on the blockchain.
The crypto community must grow and mature
Here is where BACS comes in, proposing a legal environment that respects, promotes, and resolves crypto problems from within, not leaving them in the hands of outsiders. From all of this, it is concluded that a legally constituted private law association formed by members of the community can resolve internal conflicts that arise. And this is through an internationally recognized Arbitration Court whose awards are enforceable in virtually any court worldwide.
Most proposals in the crypto world have revolved around fungible tokens (ERC20 in the case of Ethereum). Now the challenge is to tokenize real assets, which requires legal support. But our law is not prepared to assume this type of technology. Our legal systems resolve conflicts that arise from hierarchical and centralized organizations.
BACS aims to generate a crypto legal community with lawyers, companies, entrepreneurs, lawyers, and arbitrators (judges) who, respecting the private and autonomous law that arises in the crypto space, resolve the private conflicts that arise from them. It is absurd to leave the resolution of private and autonomous legal conflicts in the hands of central entities. Would a state court resolve a conflict of tokenization of an inheritance right issued in an ERC20 token on the Ethereum network? Could a judge understand that a DAO has breached an agreement adopted by a governance token vote? But what is more serious, is a hierarchical and centralized structure capable of resolving private law conflicts based on decentralization?
You must be aware that regulation is already here
It’s in front of us, right under our noses. The regulation is the community itself, it is the protocol that obeys its programmed rules. It is time for the community to realize who they are. It is time for the community to create and respect its own law, not leaving its future in the hands of trusted third parties. The States will regulate, of course, but they will only establish the red lines that cannot be crossed. Anyone who merely waits for the State to adopt and integrate this new technology into its system will be the new Don Quixote of the 21st century.
A new law is born with Bitcoin
This new law will embrace this new technology. Bitcoin has already told us at birth: I do not depend on the States; I depend on the community. It is the community that creates this new law, not the State. If the community did not believe in Bitcoin, it would die; whether the States believe in Bitcoin or not, it does not matter, Bitcoin will continue to live.
Hence the birth of the Blockchain Arbitration & Commerce Society, and we invite you all to join BACS to become part of the world’s first virtual crypto jurisdiction.
