🚨 EU lawmakers push for Kill Switch in Smart Contracts Law

Despite crypto community protests, EU lawmakers have made significant progress in enacting the contentious European Data Law. While the legislation aims to encourage data resource utilization for algorithm training, the inclusion of an off-switch option for smart contracts has raised concerns among decentralized finance advocates. The planned amendment to EU smart contracts laws, including the option for shutdown, challenges the core idea of trust within smart contracts.

Critics argue that the ability to cancel smart contracts undermines their self-executing and immutable nature. The crypto community advocates for the integrity and reliability of smart contracts, emphasizing the need for secure and transparent transactions. Additionally, the proposal includes provisions for free basic digital services in euros, privacy protection, and offline payments. The digital euro plan prioritizes privacy protection as the European Commission recognizes the importance of safeguarding personal data and financial information. The plan incorporates stringent privacy safeguards to protect users' confidential data, fostering trust in the digital currency ecosystem.

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