EU to invest €177 billion in blockchain

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EU to invest €177 billion in blockchain

The European Union (EU) seems to have set their sights on blockchain technology now that they have released €177 billion to invest in the technology. This is what Bloomberg brings out. According to them, this amount will go entirely to cutting-edge technologies such as blockchain, data infrastructure, 5G and other techniques in that caliber.

The EU investments

The €177 billion is part of a package totaling €750 billion put together by European Union member states to restore economic growth after the times of crisis caused by the coronavirus.

Last Wednesday, Ursula von der Leyen, president of the European Union, gave a speech in which she indicated how important she thinks it is to invest heavily in digital technologies. With this she is also referring to blockchain technology.

So far, there is no specific information available on how the investment will be distributed. So how much exactly is going to the blockchain is not known, but that it is a good sign that they are going to invest in it is in any case certain.

Earlier this year, the European Union was already concerned with blockchain technology when, for example, they selected Iota Foundation as the company that would be part of building a European Blockchain Services Infrastructure.

Two years earlier, in April 2019, the EU already launched an International Association of Trusted Blockchain Applications.

So it is clear that the EU is very interested in blockchain technology, and sees a future in it, otherwise they would not be investing so actively in it. This is, of course, very positive. Indeed, accepting large, influential parties is a crucial step in the process of cryptocurrency adoption.

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