European Parliament Approves This Cryptocurrency Law! –

The approved new cryptocurrency bill includes the use of ‘zero-knowledge proof’ technology to protect privacy in digital wallets for EU citizens. Meanwhile, a Brussels-based Blockchain association opposed the decision to deregulate a section on electronic ledgers.

European Parliament approves new cryptocurrency bill As we have reported, the European Union’s proposal for a digital identity framework passed in the plenary session of the European Parliament with 418 votes in favor, 103 against and 24 abstentions. The EU-wide framework will allow citizens to access public services and have their own wallets. The legislation includes ZK-proof (zero knowledge proof) technology to protect users’ privacy. ZK-proof ensures privacy by verifying a location without exposing unnecessary data. Socialist MEP Romana Jerkovic, who led the parliament’s deliberations on the file, underlined the following in a statement:

ZK-proof is envisioned to be implemented in the European Digital Identity Wallet as one of the technologies that will give users more control over the sharing of personal data. It will also reinforce the principles of selective disclosure and data minimization.

Afterwards, inter-institutional negotiations will continue for the file. Jerkovic noted that existing privacy-enhancing technologies should become compatible as they mature, most notably the EU’s General Data Protection Regulation. In this context, Jerkovic made the following statement:

It’s very important to me that we give Wallet users more control over the use, sharing and management of their data. All technical solutions that can help us achieve this goal should be considered and discussed. That’s why the Parliament brought the ZKPs to its position.

There are some reactions from the industry!

The Brussels-based International Association for Trusted Blockchain Practices wrote in an open letter to EU policymakers on March 13, raising concerns about the recently approved blockchain digital identity framework. The open letter objects to the removal of a section on electronic ledgers in the text of the regulation. In the letter, the following points are mentioned regarding the warnings on this issue:

Removing this concept from regulation would create many problems, given that electronic ledgers are now widely used as a key component of trust architectures. Electronic ledgers are essential in building cyberattack-proof European digital infrastructures, to the benefit of both European businesses and consumers.

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