Regulation
Reading time: ~2 m
The European Parliament, with 418 votes in favor and 103 against, with 24 abstentions, adopted a bill on a digital identity system.
The implementation of the initiative involves the use of zero-knowledge proof (ZKP) to protect the privacy of EU citizens – the technology will verify the location without revealing additional details.
The document provides for the creation of a digital wallet for every EU citizen. It will allow storing and managing identification data, in particular for obtaining public services.
According to Socialist MEP Roman Jerkovich, the ZKP must comply with the EU General Data Protection Regulation.
After the adoption of the bill, negotiations are expected with the Council of Europe regarding possible amendments.
Representatives of the International Association for Trusted Blockchain Applications in an open letter expressed concern about the approved digital identification system.
It challenged the deletion of the section on electronic ledgers in the text of the regulation. Members of the organization are confident that “they are necessary to create a European digital infrastructure that is resistant to cyber attacks.”
Recall that in December 2022, the European Commission announced plans to oblige virtual asset providers to transfer customer data to local tax authorities.
Earlier, the French National Assembly adopted a number of new rules for licensing and registering cryptocurrency companies.
The bill took a more lenient form than the first amendments had envisaged. Local crypto companies will be required to go through a more serious registration process than the French Financial Supervisory Commission is currently proposing.
#European #Parliament #passed #law #digital #wallets
