Of Counsel Peter Vogel was quoted in a Legaltech News article, “Crypto-Enabled Charity Donations Raise as Many Questions as Dollar Signs,” about the pros and cons of charities accepting cryptocurrency donations.
Vogel said one of the main selling points of blockchain technology – the immutability of its ledger – could be a liability for a charity operating under the prerogative of the European Union’s General Data Protection Regulation (GDPR), which gives citizens the right to opt out or be forgotten. “How you can have an immutable piece of data about an EU citizen making a charitable contribution then gets very complicated,” he said.
Another complication is the relative newness of blockchain technology and the dearth of privacy laws designed to address it, Vogel added. “I don’t think it’s happening tomorrow,” he said.