The European Parliament has voted in favor of new data controls that could require smart contracts to have a kill switch to cancel or interrupt transactions.
The EU 2022 bill, known as the Data Act, includes provisions aimed at giving people more control over their data from smart devices, but it has also raised concerns in the Web3 community.
on Tuesday 500 MPs for the European Parliament VoteIn favor of the bill, 23 voted against it and 110 voted against it.
“This new rule will empower consumers and companies by giving them rights about what they can do with the data generated by connected products,” said legislative chief Pilar del Castillo Vera during the conference. Discuss the Bill
This could mean that smart contracts will need to control access and protect trade secrets. And there must also be a function to stop or reset. which experts worry could undermine their original purpose.
Thibault Schrepel An associate professor at VU Amsterdam University said the legal message was pragmatically unclear and “detrimental to smart contracts to a degree that no one could predict”.
“It must be really difficult. It is almost impossible for most of the smart contracts we have today to be compliant with this bill,” EUCI Head Marina Markezic said.
billThe new cryptocurrency has also been criticized by DeFi community Curve Finance, a prominent decentralized exchange (DEX).noticethat it is “impossible to comply” with the new law
This bill will go to the Tripartite Conference. There are meetings (‘trilogues’) between Parliament, Council and the European Commission to discuss in detail. The first meeting will be held on March 28.
refer : LINK
The post European Union passes a bill That may require Smart Contracts to have a “Reset” button appeared first on Bitcoin Addict.