According to reports, the European Union plans to drive technology development blockchain in the region with a planned investment of US $ 177 billion.
According to Bloomberg, EU officials plan to fund direct investments in blockchain, data infrastructure, 5G, and quantum computing, among others.
The US $ 177 billion mutual funds are set to account for around 20% of the € 750 billion (the US $ 887 billion) stimulus package agreed by EU leaders in July 2020 to stimulate economic recovery in the region. To put in gear.
Ursula von der Leyen, President of the European Commission, emphasized the importance of investing in digital technologies for the entire region.
Part of the investment fund will go into the production of low-power microprocessors as EU officials try to prevent the semiconductor shortage from recurring, affecting several industries around the world.
While the EU has announced the focus areas of its US $ 177 billion technology mutual fund, there is no information on how much it will invest in each sector.
Related: Survey shows that Europeans want host countries to regulate blockchain cryptocurrencies, not the EU.
At the beginning of September, the Iota Foundation was selected together with six other companies to support the early development of the European Blockchain Service Infrastructure – an EU-wide distributed ledger technology project.
In April 2019, the EU launched the International Association for Trusted Blockchain Applications, whose task is to support and promote the introduction of DLT in the region.
Blockchain has been identified as one of the most critical new technologies that could shape the future of Europe. As a result, EU officials are pushing for regulatory standards across the region to prevent regulation fragmentation.
However, a recent survey showed that most Europeans prefer national crypto a regulations to European regulatory standards for emerging industries.
Meanwhile, the EU and the US may soon start working together on cryptocurrency and blockchain regulation standards.