EU Countries to Boost Adoption of “Game Changer” Blockchain
7 countries of the European Union, among which are the largest economies, have agreed to promote and implement the "game changer" technology. Any regulation should be based on fundamental European principles and technological neutrality.
Several of the largest European economies and a number of smaller EU countries have approved a joint declaration to facilitate the adoption of innovative technologies, like blockchain. States want to become the leading region in this area.
Among the signatories are Cyprus, France, Greece, Italy, Malta, Portugal, and Spain. According to Eurostat, France ranked third in the EU in terms of economic size. Its share in the EU's GDP last year was 14.9%. Spain is in fourth place with a share of 11.2%, Spain is located on the 5th place with a 7.6% share in Union’s GDP.
According to the declaration, the blockchain can increase the efficiency and transparency of the state apparatus and bring accountability and privacy to citizens. Plus, technology can help reduce administrative costs, increase revenue from customs duties, and improve citizens' access to public information.
Any legal regulation of the blockchain should be based on fundamental European principles and technological neutrality, the declaration says.
Country representatives did not specify what steps they would take to implement the blockchain.
- At the last G20 Summit in Buenos Aires, the countries agreed to regulate cryptocurrency in accordance with the international rules of the AML and FATF. France and Italy are members of the G20, as well as the EU representative.