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The European Commission Launches the Blockchain Observatory and Forum

Governments and lawmakers across the globe are slowly becoming more aware and knowledgeable about cryptocurrency markets. Most are skeptical and worried about the illegal activities that hide behind the digital currencies, but others like Venezuela and Russia see the tremendous opportunities that lie in them. Some nations have decided to invest resources into understanding these currencies, the technology behind the blockchain, and take a more accepting approach towards them.

The European Union Commission released a statement regarding the creation of the EU Blockchain Observatory and Forum. The aim of this newly created entity is to study the development of cryptocurrencies and study its use cases. It will comprise of many politicians, officials, and regulators from different regions of Europe, and from different sectors and industries. In a tweet announcing the new committee, the EU Commission declared that it “will become one of the world’s most comprehensive repositories of blockchain expertise

Mariya Ivanova Gabriel, European Commissioner for Digital Economy and Society said that “It will build an open forum for Blockchain technologists, innovators, citizens, industry stakeholders, public authorities, regulators and supervisors, to discuss and develop new ideas and directions”. As we can see, it is truly a complete organization that aims to smartly look at digital currencies, to truly understand them and be able to innovate within that space in the future. The EU wants to be able to use the blockchain technology, as well as communicate its benefits to its citizens.

It is interesting to see that a large organization like the EU Commission is getting interested in the blockchain and in cryptocurrencies. The difference with the approach that nations usually take here is that the EU is taking a positive stance on the subject, and wants to truly understand it. Will more countries look positively at virtual currencies and the blockchain in the future?

TLDR: The EU commission has announced the creation of the EU Blockchain Observatory and Forum. It will bring together officials, lawmakers, supervisors, and more, in an attempt to truly understand the new innovations behind crypto and the blockchain.

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Zachary Gian is a cryptocurrency news writer and editor from Paris, France. He has always been passionate about technology and innovation since a young age, and loves to share his passion with others. He firmly believes in the blockchain and in digital currencies and is enthusiastic about their development.

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