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Cyprus To Establish Special Arbitration Court For Economic Disputes

At the initiative of the Cyprus Bar Association, plans are underway to create a Special Arbitration Court dedicated to economic disputes. This initiative aims to significantly enhance both the judicial and economic landscape in Cyprus.

The proposal, which needs approval from the Ministry of Justice, the Council of Ministers, and the House of Representatives, will be officially implemented upon passing these stages. Michalis Vorkas, President of the Cyprus Bar Association, stated that the objective is to establish Cyprus as a regional centre for resolving economic disputes of any scale, without restrictions. This court will cater to foreign nationals with permanent residences in Cyprus or abroad, as well as Cypriots involved in financial disputes.

Mr. Vorkas emphasized that disputes will be resolved swiftly, conserving valuable court time. The arbitrators, chosen by the Cyprus Bar Association, will be specialized legal professionals from both Cyprus and abroad.

Economically, Cyprus stands to benefit as foreign nationals opting for the Special Arbitration Court will contribute foreign exchange and significant financial inflows.

The final decisions of the Special Arbitration Court will be recorded in the District Courts, thereby gaining full judicial authority.

Functionally, the Arbitration Court will resemble the Court of Arbitration for Sport (CAS) in Lausanne, an international semi-judicial body established to resolve sports-related disputes.

Digital Transactions: A Green Approach To Finance In Cyprus

As Cyprus increasingly embraces digital transactions, the environmental benefits of this shift are becoming evident. A recent report highlights that digital payments significantly reduce the carbon footprint associated with traditional banking operations. By decreasing the reliance on physical branches, paper-based processes, and the transportation of cash, digital transactions are contributing to a more sustainable financial ecosystem. This transition is in line with global initiatives to combat climate change and underscores Cyprus’ commitment to promoting a cleaner, more efficient financial landscape.

Digital transactions are not only more convenient and efficient but also significantly less resource-intensive. Traditional banking often involves extensive paperwork, the use of physical infrastructure, and the transportation of money, all of which contribute to higher carbon emissions. In contrast, digital transactions streamline these processes, resulting in lower energy consumption and reduced waste.

The environmental advantages of digital transactions are complemented by their economic benefits. By lowering operational costs and enhancing transaction speed and security, digital payments provide a compelling case for broader adoption. This shift supports sustainable development goals and aligns with the global push towards greener, more resilient economies.

Furthermore, the widespread adoption of digital transactions in Cyprus is expected to drive innovation within the financial sector. With the integration of advanced technologies such as blockchain and artificial intelligence, the digital financial landscape is set to become even more efficient and secure. These innovations not only enhance user experience but also contribute to environmental sustainability by further reducing the need for physical resources.

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