European Commission to propose a new secure European e-identity for online transactions

European regulators urged to reconsider smart contract laws threatening DeFiEuropean regulators urged to reconsider smart contract laws threatening DeFi

In this post:

  • European Commission prepares a new secure e-identity
  • CEPS stated that the importance of the new European Commission’s digital identity rules is growing due to the Covid-19 pandemic
  • Jared Tate said that the future of personal privacy comes from the blockchain wallet

European Commission announced that it is necessary to change some parts of their digital ID scheme for online transactions across Europe. A representative Andrea Servida recently stated that the necessity comes after they noticed some level of uncertainty in a process of creating a digital identity. This can be viewed as the European Commission’s official stance.

According to Servida, the main problem is that the users don’t know what happens with their personal data in the reality. When any platform or app asks them to create a new digital identity, a question appears: what are you doing with my private information?

European Commission concludes there is a certain level of uncertainty in the process. Thus, they started an initiative to revise the 2014 eIDAS Regulation on electronic transactions. The Commission opened a public debate in July and it will last till the first days of October.

It is expected that, after this public debate is concluded, the Commission publishes the proposal for a new e-identity scheme for the EU citizens.

European Commission’s debate will end soon

Center for European Policy Studies (CEPS), a think-tank based in Brussels, stated in their report that the importance of new digital identity rules is growing due to the Covid-19 pandemic. 

Many digital service and platform providers disagree that personal data are at risk. For example, Jared Tate the DigiByte’s creator said that the future of personal privacy, as well as data protection, comes from the blockchain wallet. So there is no need for anyone to put the control in the hands of any government in the world. 

DigiByte could supply the world with its apps and services

Rudy Bowman from DigiByte Foundation revealed that recently he had a few hours long chat with important figures from the top global tech companies. The main subject of their discussion was how DigiByte could help the world overcome the issue of authentication in the commercial space. 

He also announced the possibility to sell the DigiByte apps and services around the world. Bowman didn’t reveal all details but stated everything will be known in the coming weeks. 

CEPS insists on identity verification as critical 

CEPS claimed that identity verification is a critical feature in the European economy. Their main concern is that the current regulatory framework is outdated in the environment of rapidly growing online businesses.

Current identity verification requirements present a significant financial burden on businesses and are inconvenient to customers. Despite the fact that the internet helps online businesses to grow, identity verification continues to require physical interaction in most cases. 

In its report, the CEPS concludes that the world needs a user-friendly and easy to use but strong digital identity system. Without it, the economy could have costly consequences. Small enterprises and start-ups are at risk particularly.

Maybe the answer lies in DigiByte’s offering.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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