In the latest crypto news, we have the European Union and its new initiative towards establishing a blockchain forum. The EU has invited five major banks including the giants BBVA and Santander to the forum – and the general purpose of it is to “develop a trusted, secure and resilient European Blockchain Services Infrastructure meeting the highest standards in terms of privacy, cybersecurity, interoperability and energy efficiency, and fully compliant with EU law.”
Named IATBA (International Association for Trusted Blockchain Applications), the forum will involve major banks. The first panel meeting, which was titled “Bringing industries together for Europe to lead in blockchain technologies,” formalized the launch and showed that IATBA will be a coordinated EU executive body established by the European Commission and the European Blockchain Partnership, which is an ongoing EU effort to get member states on board while promoting blockchain as a technology.
As the European Commission (EC) noted, the public sector is a vital role in the development of blockchain technology. From there, frameworks must be developed to ensure that the Europeans benefit and that Europe becomes a hub for blockchain technologies.
As EC stated:
“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.”
In the wake of the new blockchain forum, one of the leading banks BBVA wrote:
“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.”
With significant experience in the field of blockchain, BBVA is among the pioneers in the technology. Even though the United States has posed as the birthplace for blockchain, ICOs and many experimental business models have been on the radar by the SEC lately, with multiple enforcement actions taken against the industry participants.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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