Recent guidelines from the European Data Protection Board (EDPB) could potentially alter the legality of Bitcoin in the European Union. Significant disruptions in the cryptocurrency sector are expected.
EDPB Guidelines and Their Implications
The EDPB has released new guidelines suggesting that public keys in blockchain technologies may be classified as personal data, necessitating their deletion. This could threaten the immutability inherent in blockchain technology.
Legal Risks for Bitcoin
Alexandre Stachtchenko from Paymium expressed concern that if these guidelines are adopted, Bitcoin could face legal issues due to the inability to comply with GDPR requirements. He stated, 'Technical impracticability cannot be used as a reason for non-compliance with the GDPR; it may be necessary to delete the entire blockchain.'
Current State of the Bitcoin Market
As of now, Bitcoin (BTC) is trading at $104,842.95, with a market capitalization of $2.08 trillion and a trading volume increase exceeding 97% within the last 24 hours. Its market share stands at 63.28%, highlighting Bitcoin's dominance alongside Ethereum.
The situation concerning the EDPB guidelines presents new challenges for the cryptocurrency industry, potentially leading to significant shifts in the market and legal uncertainty for projects like Bitcoin.
