You MUST know this
Have you heard of The EU General Data Protection Regulation (GDPR) ?
It is a new law that will be applied in 61 days UTC.
The main point of GDPR is that individuals have the right to be forgotten, which means that if an individual asks the company to delete their personal information, then the firm has to delete it.
However, this seems critical to the blockchain technology / cryptocurrencies as well.
It is often said that the best advantage of the blockchain is 'immunity' as information is stored and secured by distribution of information on the blockchain. Therefore, it is difficult to be hacked and in the same context, also difficult to delete all information by the company itself.
Then what would happen if the firm breaks the law?
They are very likely to be fined 4 percent of their revenue (max. 20m Euros), which might be a huge burden to them.
If it happens, the project definitely will not go well, and investors are very likely to be affected negatively such as losing the value of their investment.
To prevent your assets from this situation, you SHOULD ask related questions to admins of the project that you are thinking to invest in or in the future. So they can find a solution and be prepared for the new law.
p.s- Estonia, where a lot of corporate bodies are located, is also a part of EU. Therefore, you should be aware of this.
Thanks.
For future viewers: price of bitcoin at the moment of posting is 8675.20USD
Thx for that quite informative post. Keep up with creating interesting content.
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Already followed :) Cheers,