EC Vice President Calls for more investment in Blockchain, adding that it is one of “the areas where Europe is best positioned to play a leading role.” He has highlighted that he believes that the EU is not able to provide sufficient funding on its own.
11 April, AtoZForex – The executive from the agency responsible for the oversight of the EU regulation has provided the new commentary in relation to the Blockchain technology.
EC Vice President Calls for More Investment in Blockchain
During his speech this Tuesday, European Commission (EC) vice president Andrus Ansip has spoken in regards to the distributed ledger technology. He has stated that it is one of “the areas where Europe is best positioned to play a leading role.” He has also hinted that the bloc might need to invest much more in this phenomenal technology sector.
He has further asked the EU to “commit to Europe’s digital and data-based future” during his remarks at the EC’s Digital Day 2018 in Brussels.
He has stated:
” now moving out of the lab and going mainstream. As with : we should make the most of this new opportunity to innovate.”
Mr. Ansip has also noted the EU’s investment in Blockchain, as well an in artificial intelligence and digital healthcare. He has highlighted that he believes that the EU is not able to provide sufficient funding on its own. He has been quoted as saying:
“We need hard cash.”
Digital Single Market
Mr. Ansip’s remarks have appeared two months following the EU taking an active position in promoting the Blockchain research. Back in February, the commission has launched the EU Blockchain Observatory and Forum. The EC has also announced that it will create a European Blockchain Partnership to “promote interoperable infrastructures.” However, no further details have been provided in terms of this initiative.
European Commission (EC) vice president Andrus Ansip has placed the EU investments in Blockchain in the context of the Digital Single Market. He stated that the goal is to extend the EU regulatory structure to the technology segment. Mr. Ansip has added:
“The Digital Single Market creates the right conditions and infrastructure for a functional digital Europe. But none of this comes for free.”
It appears that this initiative comes as a part of the General Data Protection Regulation compliance.
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