European Commission announces Blockchain Observatory & Forum

By Daniel Zo Blockchain, EU, European Commission

While digital currencies seem to be losing value given the massive bear going on at this moment in time, institutions, governments and international organizations throughout the world are showcasing an increased interest towards blockchain, the underlying technology of bitcoin and many other cryptocurrencies.

With this aspect in mind, recent reports indicate that the European Commission has decided to launch their very own EU Blockchain and Observatory Forum, in order to boost blockchain-related projects within the European Union. For those who do not know, the European Commission is the executive body of the EU, in charge with legislative initiative, budget management and control over other EU institutions.

European Commission

As it plays an important role within the EU system, the initiative is also being backed by the European Parliament, where the pilot project was first proposed. So far, it seems like a blockchain start-up known as ConsenSys will be supporting the project.

The official release announcing the launch of the EU Blockchain and Observatory Forum mentioned that the project will help highlight some of the key developments in the industry, while also promoting blockchain adoption and engagement between multiple EU-based stakeholders.

In a recent press statement, the vice-president for Financial Stability, Financial Services and Capital Markets Union, has mentioned that: “Among the many technologies that are driving digital innovation, blockchain has the potential to be truly transformative for financial services and markets. The Blockchain Observatory and Forum will monitor developments and also inform our policy making.”

Apart from what has been outlined above, the European Commission has also mentioned that they’re planning to build projects on the already-existing initiatives. Not only this, but the forum will be in charge with ensuring work openness across EU state borders, and address all challenges that may appear as a result of blockchain adoption. Together with this, the observatory will also open up a forum where industry leaders, citizens of the EU, regulators and other stakeholders, will be able to discuss and debate various ideas surrounding the blockchain market.

The EC also announced that it will continue supporting research projects related to blockchain technology, and secure up to $340 million in funding by the year of 2020.

Based on everything that has been outlined so far, what are your thoughts on the EC’s stance on blockchain technology, and the efforts being made in this direction? Let us know your thoughts in the comment section below.