EU finalizes Data Act with a kill switch for smart contracts: Law Decoded, June 27–July 3
Cointelegraph
Published Jul 03, 2023 04:00PM ET
Updated Jul 04, 2023 06:00PM ET
European Union (EU) lawmakers have agreed to move ahead with the controversial European Data Act, which has previously drawn criticism from the crypto community. The act, aimed at encouraging greater use of data resources to train algorithms, would update the EU’s rules on smart contracts to include a kill switch option that would allow them to be safely terminated. Obviously, this contradicts the fundamental idea of trust in smart contracts.
Meanwhile, the European Commission proposed a legislative plan for a digital euro, aiming to make it a widely accepted and easily accessible form of payment. The announcement emphasized that allowing individuals to obtain digital euros through their banks upon request ensures easy accessibility and prevents citizens from being left behind. The proposal also includes provisions for free basic digital euro services, privacy protection and offline payments.
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Written By: Cointelegraph
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