EU to invest $177 Billion in Blockchain & other emerging technologies
The European Union plans to invest $177 billion in blockchain technology and other technologies.
Bloomberg reports that the EU plans to fund direct investments in areas such as blockchain, data infrastructure, 5G and quantum computing among several others.
The fund represents 20% or one-fifth of the EU’s 750 billion euros pandemic recover fund. And it will be spent on what it termed “the mark-or-break-issue” for the region.
Bloomberg report that the project will be organized across several European Union countries.
While the EU didn’t give much detail about its plan, it is noticeable that blockchain technology and other emerging technologies has been seeing greater push and adoption across the globe.
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Early in September, the European Union blockchain initiative selected the IOTA Foundation as one of seven projects to take part in the initial stage of planning an EU-wide distributed ledger technology platform.
The blockchain initiative was to increase the efficiency and accountability of the European Blockchain Services Infrastructure (EBSI) which is a network of several nodes designed to facilitate the efficiency of the European’s transactions.
In late august, the Vice President of the European Central Bank, Luis De Guindos called for the regulation of cryptocurrencies like other assets. The ECB boss has been known for his skepticism towards cryptocurrencies but he said he isn’t against crypto assets but they should be regulated the same way other assets are regulated. He believes that the value of cryptocurrencies is fueled by scarcity.
With other continents such as Asia and America actively pursuing these technologies and its adoption, there is no wonder why the European Union would also want to up their games to pursue these innovations and technologies.
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