EU Investing Billions in Blockchain


The European Union plans to make a multibillion-euro funding in expertise growth by sinking cash into blockchain, knowledge infrastructure and high-performance computing, in keeping with a Bloomberg report Wednesday (Sept. 15). 

The hassle in a number of European international locations is a part of an initiative to spur semiconductor manufacturing within the wake of the worldwide scarcity that slowed car manufacturing traces. The European Fee didn’t say how a lot it’ll spend money on every space, however the whole might be about 20% of the area’s 750 billion euro ($887 billion) pandemic restoration fund. 

Digital expertise is “the make-or-break concern” for the area, EU Fee President Ursula von der Leyen mentioned, in keeping with the Bloomberg report. Officers will spend cash on knowledge infrastructure, low-power processors, 5G communication, high-performance computing, safe quantum communication, public administration, blockchain companies, digital innovation and investing in folks’s digital abilities. 

Associated: Crypto Is Innovative But Risky, European Regulator Says 

The European Securities and Markets Authority (ESMA) known as cryptocurrency each a monetary innovation and a attainable risk as a consequence of the price of crypto mining in its new “Traits, Dangers and Vulnerabilities” report.

Crypto asset volatility and the rising reputation of stablecoins, central financial institution digital currencies and decentralized finance are combining to extend the risk of cryptocurrency, the ESMA report mentioned. 

The European Central Financial institution is getting ready for a two-year investigation into whether or not a digital euro can “meet the wants of Europeans whereas on the identical time serving to to stop illicit actions and avoiding any undesirable influence on monetary stability and financial coverage,” the group mentioned in July. 

Additionally learn: Stellar: Blockchain Is the Next Big Disruptor of the Cross-Border Payments Category 

Banks can use blockchain to appreciate price efficiencies and increase monetary inclusion, and even perhaps revolutionize finance, Jason Chlipala, COO at Stellar Development Foundation, informed PYMNTS. 

“The paradigm shift that blockchain expertise permits is now you can construct protected, environment friendly cost methods on widespread or shared infrastructure,” he mentioned. 

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