Smart contracts are programs stored on the blockchain that execute automatically. This allows the parties to the agreement to save time and not depend on the actions or decisions of a third party.
In the current version of EU law, smart contracts should be able to terminate or interrupt their activities. This provides the ability to manage data and events by analogy with controlling software for home appliances of the Internet of things (IoT) of a smart home. Such as kettles, refrigerators and similar equipment.
The amendment bill was passed in the European Parliament by an overwhelming majority and, according to the initiators of the amendment, “will allow data to be freely transferred within the EU and between sectors for the benefit of business, researchers and public administrations.”
The future amendments raised concerns among the crypto community about undermining the concept of decentralization and the fact that smart contracts, by their internal content, must be automated and immutable programs. European Crypto Initiative founder Marina Markezic said it could be difficult, if not impossible, for most smart contracts to comply with the new rules.
Earlier, the former Belgian finance minister, the economic representative of the right-wing political party ECR in the European Parliament, called on the EU authorities to immediately ban cryptocurrencies.
Source: Bits
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