European Parliament data law amendments require smart contracts to have a kill switch | coindesk JAPAN | Coindesk Japan

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Amendments to the European Union’s Data Act, announced by member states of the European Union (EU) on March 27, will require smart contracts to include a kill switch.

The EU Council, which represents the governments of the EU, agreed to the document on March 24, and the bill appears to be the same one already supported by members of the European Parliament. The final legal text will now be coordinated between Parliament and the Council, mediated by the European Commission.

The bill, which would require the ability to suspend or terminate the activity of smart contracts, raised concerns in the blockchain community that it would undermine what should be an automated, immutable program. causing it.

Swedish Minister Erik Slottner, who chaired the Council, said in a statement on Wednesday that the law “will be used within the EU and across sectors for the benefit of businesses, researchers, administration and society.” It allows data to flow freely.”

In principle, the new rules would apply to contracts that make data available as part of the control of smart home appliances such as cars and refrigerators, but it’s not clear to what extent they actually apply.

Marina Markezic, founder of the lobby group European Crypto Initiative, said it may be difficult, if not impossible, for most smart contracts to meet parliamentary draft regulations. Says.

European Commissioner for Digital Affairs Thierry Breton has said he will not support parliament’s proposal, saying it would hamper the ability to set standards for smart contracts.

|Translation: coindesk JAPAN
|Editing: Toshihiko Inoue
|Image: Shutterstock
|Original: EU Smart Contract Regulations Included in Council’s Data Act Draft

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