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
cryptocoin.com 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.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your own research and due diligence before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.