EU backs Data Act with clause to shut off smart contracts

The European Parliament has voted to authorize the Data Act– questionable legislation that includes a terms requiring wise contracts have the capability to be terminated.In a Nov. 9 news release, the parliament stated the legislation passed 481 votes to 31 against. To become law, it will now need approval from the European Council– the heads of each of the 27 European Union member states.The embraced Data Act describes the requirement that clever contacts “can be interrupted and terminated” in addition to controls enabling functions that reset or stop the contract.Highlighted excerpt of the Data Act connecting to smart contracts. Source: European ParliamentAt its core, the Data Act would allow users to access data they generate from wise gadgets, with the European Commission declaring that 80% of such information gathered is never used.The Acts critics have actually highlighted concerns about the clever agreement stipulation, stating the meaning is too broad and doesnt supply clear information on when terminations or disturbances must occur.Related: EU banking watchdog proposes liquidity rules for stablecoin issuersA June open letter sent by EU blockchain advocacy bodies and signed by dozens of crypto companies also stated the Data Act could see wise contracts that use information from public blockchains like Ethereum be considered in breach of the law.The European Commission has reportedly stated, nevertheless, that the Data Act isnt worried with blockchain and fears the Act would make clever agreements unlawful are unfounded.Magazine: Crypto City Guide to Helsinki: 5,050 Bitcoin for $5 in 2009 is Helsinkis claim to crypto popularity