Members of the European Parliament have just given their approval to data law containing a clause less favorable to smart contracts. All that remains is the approval of the European Council for it to come into force throughout the territory. The crypto community is on alert.
A Europe not conducive to smart contracts
Smart contracts, or intelligent contracts, the definition of which is given in this article, form a essential element in the world of blockchains and cryptocurrencies. Thanks to them, crypto transactions enjoy a high level of transparency and security.
Concerning these newly emerging technologies, the European Union has already taken a position. Rather repression, and surveillance via the Atlas platform, than the ban on crypto-assets. This is one of the motivations for the MiCA regulations which were the subject of a vote last June.
“ Members of the European Parliament voted to approve a data law that could eliminate some smart contracts. »
L’article attached by CoinDesk This tweet denounces a big concern relating to the law on data sharing approved by the European Parliament yesterday. Why is the crypto community worried? Actually, the text includes a controversial clause who would qualify smart contracts asillegal.
However, in the press release published on the European Parliament website, nothing abnormal was noted on this subject. Pilar del Catillo Vera, one of the 481 deputies who validated this bill, praised it:
“ The data law is a game-changer. Having data on the operation of industrial equipment will allow factories, farms and construction companies to optimize operational cycles, production lines and supply chain management. The Data Act will create a new agile data system allowing easy access to an almost infinite amount of high-quality data. It will help optimize existing business models and processes, stimulate the development of new models and create new value. In other words, it is an opportunity for innovation and competitiveness. »
Apparently, the Data Act only has advantages in the eyes of MEPs.
Automated data sharing agreements or smart contracts under threat?
For crypto giants like Polygon, Stellar, NEAR or even Cardano, there is no difference between “ automated data agreements » mentioned in the law on data and “smart contracts”. The team behind the blockchain issuing the crypto MATIC has also issued an open letter to the attention of Members of the European Parliament last April.
In this famous letter, Polygon made a request for modification of article 30. Otherwise the law would not be applicable to open, permissionless and decentralized smart contract applications and would significantly inhibit innovation and economic growth in the EU “.
However, Europe has never been against innovation. It even wants to accelerate the development of Web 4.0 in the name of growth.
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