PROBLEMS OF LEGAL INTERPRETATION OF AGREEMENT IN AUTOMATED DIGITAL CONTRACTS IN THE FINANCIAL TECHNOLOGIES SECTOR

Abstract

The article is devoted to the analysis of legal problems related to the interpretation of consent in smart contracts—automated digital agreements executed on the basis of software code in a blockchain. The study shows that smart contracts transform the traditional principle of will autonomy, leading to limitations in the flexibility of the parties and significantly complicating the legal interpretation of their consent. Special attention was paid to key challenges, including the lack of a universal legal definition of smart contracts and the difficulty of establishing the parties’ true intentions under conditions of complete automation. The work comparatively analyzes regulatory approaches in foreign legal systems such as Russia, the USA, Great Britain, and Belarus, and identifies specific legal ambiguities in Uzbekistan. The impact of various factors—from hybrid models and coding standards to the need for software expertise—on enhancing legal certainty and reducing risks was assessed. The article proposes practical mechanisms for adapting civil law institutions to the terms of digital contracts, including the legal recognition of smart contracts and the mandatory text accompaniment of their terms. The need to achieve a balance between the technological automation of the processes of concluding and executing smart contracts and the protection of fundamental principles of the parties’ will autonomy is substantiated. This approach will effectively integrate smart contracts into Uzbekistan’s legal practice and business turnover.