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European Union Amends Data Law, Requires Forced Termination in Smart Contracts

According to recent reports, the European Union’s Council has passed a new amendment to data law which requires smart contracts to have the option of forced termination.

Smart contracts are automated programs stored on the blockchain that can be executed without the need for a third party.

The latest version of EU legislation now mandates that smart contracts should be capable of being terminated or interrupted, providing users with the ability to control data and events in a similar way to managing home appliances in a smart home IoT system, such as kettles, refrigerators, and other equipment.

The amendment was passed with an overwhelming majority in the European Parliament, and supporters believe that it will benefit businesses, researchers, and public administrations by allowing for free data transfer within the EU and across different sectors.

However, some in the crypto community have expressed concerns that this amendment could undermine the decentralized nature of smart contracts and the fact that they are designed to be automated and immutable programs.

Marina Markezic, the founder of the European Crypto Initiative, has noted that compliance with the new rules could prove difficult or even impossible for most smart contracts.

Meanwhile, former Belgian finance minister and economic representative of the right-wing political party ECR in the European Parliament has called for an immediate ban on cryptocurrencies.