The Global Data Protection Regulation (GDPR) takes effect across all European Union member nations upon its implementation in May 25, 2018, creating a uniform privacy regime for the EU. Will such regulations destroy any chances cryptocurrency had of becoming widely adopted by global companies that operate in Europe?
“The liability issue will scare many businesses off using blockchains.”
"It's true that the regulations will need to catch up with the technology, but you have to be realistic about the fact that the GDPR is a real thing and it's happening, and there will be enforcement of it. When you're asking companies to use blockchains, they're not going to take that risk with their customers' data – or at least they shouldn't be.
"From a blockchain point of view, the GDPR is already out of date. Regulation plays catch-up with technology. The GDPR was written on the assumption that you have centralized services controlling access rights to the user's data, which is the opposite of what a permissionless blockchain does."
"From a practitioner's perspective, it sounds to me that [the GDPR] was drafted by trying to implement a certain perspective of how the world should be without taking into account how technology actually works. The way [public decentralized network] architecture works, means there is no such thing as the deletion of personal data.”
Read more here: https://iapp.org/news/a/blockchain-technology-is-on-a-collision-course-with-eu-privacy-law/?mkt_tok=eyJpIjoiWXpRNE1ETXdZV1pqWkRKayIsInQiOiIweHQrY3hXOHB3c1Q0WVwvR2NPWWducDlvc3NYWTNFQ1JWN3pzZEdIQngwQVRVenpCcXlNOVhjVjhVSVB5Z3BwSjNTOWRJYlpIMTVxVjQ0OG9uZG8wR2lhOGpMTnVra0dodlNRczNcL2Z3anloWXJVVDVBcXBsbldkWmdyV3dSUzFzIn0=