Provisions intended to ensure automated data-sharing agreements contain a kill switch under which they can be safely terminated still refer broadly to “smart contracts,” and aren’t limited to privately owned and permissioned data records as lobbyists hoped, a July 7 version of the law indicates.
Negotiators said they had struck a deal on the controversial text on June 28, shortly after organizations linked to numerous blockchains, including Stellar, Polygon, NEAR and Cardano, expressed their concerns in an open letter, but no text has been released until now.digital
The text of the law sent to CoinDesk under EU freedom of information laws still refers to “smart contracts” rather than the industry’s preferred formulation of “digital contracts.”
The text also puts duties on “vendors” of the automated programs – despite lobbyists’ fears that the wording could impose a “perpetual and limitless responsibility” in decentralized cases where there’s no single seller.
In a statement issued Monday after publication of this story, signatories to the industry open letter said they „regret” that the regulation still covers smart contracts, rather than digital contracts, as the „distinction between the two terms is significant.”
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
