EU Officials Reassure Blockchain Industry: Proposed Data Act Won’t Outlaw Smart Contracts
Join Our Telegram channel to stay up to date on breaking news coverage The European Commission has dismissed concerns from the blockchain industry that the proposed Data Act could stifle innovation by making smart contracts illegal. EU Officials Assure Blockchain Industry – New Data Rules Will Not Render Smart Contracts Illegal Deep concerns have emerged within the industry regarding an EU bill currently undergoing review. These concerns stem from the perception that the bill imposes demanding obligations on smart contracts, such as the need to withstand manipulation, securely reset, and regulate access. However, officials have made efforts to assuage these anxieties, providing reassurances to Web3 entrepreneurs that their interests will remain unharmed by the proposed legislation. A spokesperson for the commission, which introduced the bill last year, emphasized that existing smart contracts would not be rendered illegal upon the Data Act’s implementation. They...