EU backs Data Act with clause to shut off smart contracts

The European Parliament has voted to approve the Data Act — controversial legislation that includes a stipulation necessitating smart contracts have the ability to be terminated.

In a Nov. 9 press release, the parliament said the legislation passed 481 votes to 31 against. To become law, it will now need approval from the European Council — the heads of each of the 27 European Union member states.

The adopted Data Act outlines the requirement that smart contacts “can be interrupted and terminated” along with controls allowing functions that reset or stop the contract.

Highlighted excerpt of the Data Act relating to smart contracts. Source: European Parliament

At its core, the Data…

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