Posted 11/10/2023, 1:41:24 AM
EU Data Act Approves Smart Contract Kill Switch, Worrying Blockchain Groups
- European Parliament approves Data Act with controversial "kill switch" clause for smart contracts
- Act stipulates smart contracts must have ability to be interrupted, terminated and reset
- Critics concerned definition of smart contracts too broad, lacks details on when switches can occur
- EU blockchain groups warned Act could see smart contracts using public blockchain data become illegal
- European Commission claims Act not concerned with blockchain, smart contracts won't be made illegal