A lot of governments, politicians, and lawmakers around the world are trying to understand the blockchain technology and gain more knowledge about digital currencies. The space in itself keeps growing and gaining in popularity. Most nations are trying to find ways to prevent illegal crimes and activities related to these currencies, and implement taxation and legal structure within the rising digital industry. These nations have mostly been working on their own – up until now. This week, 22 European Member States have announced that they are joining forces to form a partnership to better understand the blockchain technology and share data and information on the subject.
On Tuesday, the European Blockchain Partnership was created, when 22 countries signed a declaration of agreement. The ordeal was overlooked by the European Commission. This partnership has multiple aims and objectives. One of the main ones is to gain true expertise on the subject of cryptocurrencies and the technology behind it all: the blockchain. These countries, which include European powerhouses like France, Germany, and the UK, recognize that by sharing data, information, knowledge, expertise, and ideas amongst themselves, rather than acting individually, is more beneficial to the European organization as a whole. The Member States also understand the potential of the blockchain technology and the opportunity that it represents for Europe and the world as a whole.
The European Commissioner for Digital Economy and Society, Mariya Gabriel, declared: “In the future, all public services will use blockchain technology. Blockchain is a great opportunity for Europe and Member States to rethink their information systems, to promote user trust and the protection of personal data, to help create new business opportunities and to establish new areas of leadership, benefiting citizens, public services and companies. The Partnership launched today enables Member States to work together with the European Commission to turn the enormous potential of blockchain technology into better services for citizens”.
Having a real understanding of the space, the technology and the industry surrounding it, as well as having a positive approach towards it, is essential for its success. As countries around the world adopt a regulatory approach towards the crypto space, it is refreshing to see that some European countries are taking the opposite route. The full report by the European Commission can be found here.
Will other countries adopt the same approach to the blockchain technology and the crypto space in the future? Will other countries join forces and create a new partnership?
TLDR: 22 European countries have decided to join forces to form the European Blockchain Partnership. The aim is to better understand and promote the blockchain technology, its future uses, massive potential and opportunities.