The European Union data law supports the clause to close modern contracts
The European Parliament has voted to approve the Data Act – which includes controversial legislation that includes the ability to terminate smart contracts.
In a press release on November 9, the parliament passed the law with 481 votes to 31 against. It now needs approval from the European Council – the leaders of the 27 EU member states – to become law.
The Acceptable Data Act states that smart contacts can be “terminated and terminated” with controls that list activities that reset or terminate the contract.
Essentially, the data law allows users to access the data they generate from smart devices, with the European Commission saying that 80% of such collected data is never used.
Critics of the law have highlighted concerns about the smart contract clause, saying the definition is too broad and does not provide clear details on when interruptions or terminations must occur.
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The June open letter, sent by EU blockchain advocacy bodies and signed by dozens of crypto organizations, also said the data law could see smart contracts that use data on public blockchains like Ethereum.
The European Commission has said, however, that concerns that the data law will not deal with blockchain and that the law will outlaw smart contracts are unfounded.
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