Proposals to allow electronic versions of bills of lading, bills of exchange and other documents have been launched by the Law Commission.
Its consultation highlights three criteria that electronic trade documents would need to meet so they can be used for global trade. These are that the document is of the kind listed in the Commission’s draft legislation; that it is capable of exclusive control by only one person or group at a time; and that the document must be fully divested on transfer.
Law Commissioner, Professor Sarah Green, said: ‘Electronic documents have the potential to make global trade more efficient, cheaper and more secure.’
The consultation ends on 30 July 2021.
The Commission has also launched a call for evidence on the law around cryptoassets and digital assets, ending 30 July. The consultations are available on the Law Commission’s website at www.lawcom.gov.uk.
