The Evolution of Digital Trade from NAFTA to USMCA: The North American Free Trade Agreement to the United States- Mexico-Canada Agreement
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Description
Now that we have the technology and trade agreements to facilitate border-free trades, why not using them. So far, the only major obstacle to the advent of smart contracts is a lack of a legal framework.
It is no surprise that the legal structures to regulate the manner in which society utilizes new technologies always lag behind the technologies themselves. The regulatory issues surrounding the advent of online gambling or the distribution of digitized music are good examples. Historically, the agencies tasked with protecting consumers concerning securities and overseeing currency have been slow-footed to catch up to the workings of this complex technology.
There have been some early attempts at legislation. Rep. Warren Davidson (R-Ohio), introduced the Token Taxonomy Act in 2018, updating it in April 2019. Early versions of the massive bailout legislation to deal with the COVID-19 pandemic included some forms of a digital dollar to quicken the government aid to the non-banked.