The possibility of Considering” E-Contracts” as a Basis for “S-Contracts”… Sufficiency and Deficiencies”: Analytical Study of the Kuwaiti Electronic Transactions Law n° 20 of 2014 in light of the Blockchain System
Prof. Mohammad Al Khatib
Department of Law, Ahmad bin Mohammad
Military College, Qatar
Abstract:
According to an in-depth analytical and critical approach, the study provides a forward-looking legislative vision for the possibility of considering “E-Contracts” as the basis for “S-Contracts” in the Kuwaiti civil legal system. This is done through an original study of the Kuwaiti Electronic Transactions Law n° 20 of 2014 considering the Blockchain system, with a comparative projection with the French legislative and jurisprudential experience. This is made according to two main axes: I presented in the first axis the possibility of this adoption within the concept of possible crossing, and in the second axis I discussed the prohibitions of adoption within the concept of cross-border.
The study concluded that the possibility of crossing is achieved, albeit with some caveats. It proved that the Kuwaiti Electronic Transactions Law, whether in its technical or technological dimension, current or prospective dimension, is a good basis for that, with the assurance that the complete adoption requires a set of legal amendments to this law, in addition to harmonizing these contracts with many legislative policies in the Kuwaiti legal system, especially considering the personal and objective framework of the contract theory, as well as the legal rules for the elements of the contract.
Therefore, the study recommended the necessity of adopting a more realistic and more open legislative policy on the “Blockchain” software and its main output: “S-Contracts”, in order to ensure the enhancement of its actual presence in the financial and credit space, thus encouraging the Kuwaiti legislator to legally recognize the financial position down to money, for “cryptocurrencies”, as well as amending the relevant legislative texts, and stressing the importance of transferring this software from the commercial space to the civil space, in order to ensure that it includes various types of civil contracts. All this, considering the legislative requirements of the validity of legal contracting in civil contract theory.
Key words: electronic transactions, cryptocurrencies, economic functionality of the contract, kuwait Vision 2035, Law and investment.