By Banks to join the Blockchain revolution? In what seems to be more great news on the blockchain adoption front, the European Union is currently at work to establish a blockchain forum and has invited five major banking names including BBVA and Santander.
Dubbed the International Association for Trusted Blockchain Applications (IATBA), the sole purpose of this of this forum is to develop a trusted, secure and resilient European Blockchain Services Infrastructure which will meet the highest of standards with regards to privacy, cybersecurity, energy efficiency, interoperability as well as be fully compliant with EU law but “trusted” seems to be core term here and in an effort to demonstrate this, they have begun including major banks from the outset.
On Tuesday a meeting was held by the name of “Bringing industries together for Europe to lead in blockchain technologies” which formalized the upcoming launch of the IATBA – which will be a joint-coordination project between the EU’s executive body, the European Commision as well as the European Blockchain Partnership all part of an ongoing effort to convince member states to be onboard in the promotion of blockchain technology.
Coming from the mouths of the EC itself, the public sector plays a notable role in the adoption of blockchain and thus, many frameworks need to be implemented in order to ensure that Europeans benefit from blockchain and the continent itself becomes a hub for the tech:
“Europe’s leadership in the development and uptake of this new technology requires close cooperation between the public and private sectors. Governments and economic actors must work together to overcome regulatory obstacles, increase legal predictability, lead international standardisation efforts and accelerate research and innovation to support scalability of innovative blockchain technologies.”
Who Are The Blockchain Companies Involved?
Interestingly enough, the names of the blockchain industry members who were invited to participate were missing from the EC’s writings however banks Santander and BBVA made their own announcements with BBVA writing:
According to [Carlos] Kuchkovsky [Head of Research & Development New Digital Business], blockchain and other new technologies – artificial intelligence, for example – have to be understood as simple pieces that make digital ecosystems reliable. In this regard, he hopes that these types of projects will contribute to providing more clarity to the regulatory uncertainty that currently surrounds the use of these technologies. Nevertheless, he believes it is “essential to establish a system of governance that aligns the different participating industries and their objectives”, which should represent different sizes of organizations and sectors.
Fun fact, BBVA has a wealth of experience in blockchain technologies, earlier this month they completed a loan transaction with some of their partners utilizing blockchain tech.
Furthermore, at least one of the member states of the EU has been pushing to become a hub for blockchain regulation, notably in the ICO realm, France is currently in the process of restructuring their tax code and encourages the development of ICOs to relocate to their borders through the use of visa which is aimed at the industry.
Meanwhile, across the pond in the US, which many argue to be the birthplace of the blockchain, ICOs, and many other experimental techs, have been on heavy notice of late, with the SEC and the Department of Justice taking up legal actions against many in the industry.
Could the EU’s interest in blockchain technology lead to a potential boom in adoption on the continent? Let us know your thoughts.
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