THE ROLE OF INVESTMENT AGREEMENTS IN THE DEVELOPMENT OF THE DIGITAL ECONOMY AND THEIR IMPLEMENTATION AT THE DOMESTIC LEVEL
Keywords:
digital economy, bilateral investment agreements, cryptocurrency regulation, information technology, e-commerce, token, blockchain, asset management, capital, foreign investorsAbstract
This article explores the issues of legal regulation of investment agreements in the digital economy in a period of enhanced technology development. Economic and political imperatives are combined with technological innovation to drive the growth of the digital economy, with growth rates particularly high in developing countries. The strategy for this growth should be private sector driven, government driven, and reviewed by civil society and academia. Over the past decades, one of the most remarkable developments in international investment law has been the extraordinary increase in the number of agreements concluded regarding the protection or liberalization of foreign investment, where the investment regimes provided by States and the position of foreign investors play a special role. However, the foundations for these actions are missing with the definitions, concepts, and indicators of the digital economy, which is currently in quite a mess. The main purpose of the article is to reveal the essence of the digital economy, bilateral investment agreements, investment activities, crypto assets, as well as issues of improving the understanding of tokens and cryptocurrencies, including them in agreements from the point of view of the prospects for the development of the digital economy in accordance with the new adopted regulatory legal acts of the Republic of Uzbekistan.
References
1. Gulyamov S.S. Pravovoye regulirovaniye inostrannykh investitsiy v Respublike Uzbekistan [Legal regulation of foreign investments in the Republic of Uzbekistan]. PhD thesis. Tashkent, 2002.
2. Raxmankulov X.R. Xalqaro xususiy huquq [Private International Law]. Tashkent, Iktisodiyot va hukuk dunyosi Publishing House, 2002.
3. Rashidov K.K. Xalqaro tashishda sugʼurtaning ahamiyati [Importance of insurance in international transportation]. Oʼzbekiston iqtisodiy ahborotnomasi –Economic Bulletin of Uzbekistan, 2002, no. 3.
4. Rustambekov I.R. Mezhdunarodnyy kommercheskiy arbitrazh [International commercial arbitration]. Tashkent, TSUL, 2018.
5. Ruzinazarov Sh.N. Tadbirkorlik huquqi (maxsus qism) [Business law (special section)]. Tashkent, 2002.
6. Samarkhodzhayev B.B. Problemy pravovogo regulirovaniya otnosheniy po investitsiyam v Respublike Uzbekistan (mezhdunarodno-chastnopravovoy aspekt) [Problems of legal regulation of investment relations in the Republic of Uzbekistan (international-private legal aspect)]. Doctor’s degree dissertation. Tashkent, 2003.
7. Ubaydullayev Z.S. Pravovyye formy tovarooborota v sfere mezhdunarodnoy torgovli [Legal forms of trade in the sphere of international trade]. Actual problems and trends in the development of civil legislation, Tashkent, TSIL, 2005.
8. Bozorov S.S. O‘zbekiston Respublikasining erkin iqtisodiy zonalarida tadbirkorlik faoliyatini huquqiy tartibga solishni takomillashtirish [Improving the legal regulation of entrepreneurial activity in free economic zones of the Republic of Uzbekistan]. PhD thesis. Tashkent, 2018.
9. Alimov K.Z. Teoriya mezhdunarodnykh otnosheniy i mezhdunarodnogo prava [Theory of international relations and international law]. Tashkent, 2007.
10. Safarov S. Tashqi iqtisodiy bitimlar ishtirokchilarining huquq va majburiyatlari [Rights and obligations of participants in foreign economic transactions]. O‘zbekiston qonunchiligining tahlili – Analysis of the legislation of Uzbekistan, Tashkent, 2008, no. 1.
11. Zvyagin L.S. Digital economy and cryptocurrencies: a challenge or a threat to traditional society. Ecosystem of the digital economy, 2018, no. 2, p. 80.
12. Kuptsova T.A. Functioning of monetary surrogates in the form of cryptocurrency in the system of modern economic relations. PhD thesis. Moscow, 2020, p. 87.
13. Inamdjanova E. Investment and investment activity in the Digital Economy. Collection of scientific works SCIENTIA, 2021. Available at: https://ojs.ukrlogos.in.ua/index.php/scientia/article/view/17081/ (accessed 02.02.2022). DOI: 10.36074/scientia-03.12.2021/.
14. Yolokhova I.V., Akhmetova M.I., Krutova A.V., Tetenova A.V. Approaches to determining the legal status of cryptocurrencies in the leading countries of the world. Bulletin of PNRPU, Social and Economic Sciences, 2019, no. 1, p. 203.
15. An act to amend title 12 of the Delaware code relating to fiduciary access to digital assets and digital accounts. Available at: https://legis.delaware.gov/SessionLaws/Chapter?id=16345/ (accessed 02.02.2022).
16. Johanson B., Karlsson C., Stough R. The Emerging Digital Economy. Springer, Berlin, Heidelberg, New York, 2018, p. 67.
17. Broussean E., Curien N., Internet and digital economics. Cambridge university press. Cambridge, New York, Melbourne, Cape Town, Singapore, Sao Paolo, 2018, p. 28.
18. Ushakova E.V., Tkachenko E.G. Digital law and digital economy – a blow in foreign economic activity. Public service and personnel, 2020, no. 1, p. 45.
19. Astratova G.V., Astratova S.V., Lagutina E.E., Mikhailova N.S., Porotnikov P.A. On the issue of instruments for attracting financing in the market of private investments in the digital economy. Municipality: economics and management, 2020, no. 3, p. 108.
20. ICT investments in OECD countries and partner economies: trends, policies and evaluation. OECD Digital economy papers, 2019, April, no. 280, p. 24.
21. Turdialiev M.A., Komilov B. The Legal Issues of International Investment Activity in Uzbekistan: Critical Analysis and Legal Solutions. The American Journal of Political Science Law and Criminology, 2020, no. 2 (12), pp. 16-21. DOI: 10.37547/tajpslc/Volume02Issue12-03/.
22. Pavlova Yu.V. The practice of using new tools for financing investment activities in a digital economy. Bulletin of the Russian University of Cooperation, 2019, no. 3, p. 79.
23 Gulyamov S.S., Rustambekov I.R., Bozarov S.S. Legal bases for business activities in free (special) economic zones of the Republic of Uzbekistan. PalArch’s Journal of Archaeology of Egypt/Egyptology, 2020, vol. 17, no. 10, pp. 1884-1895. Available at: https://archives.palarch.nl/index.php/jae/article/view/4915/.
24. Imamalieva D. General characteristics of the WTO disputes resolution system. Collection of scientific works SCIENTIA, 2021.
