The European Union is looking to strengthen blockchain technological development in the region with a planned $177 billion investment war chest.
The projects, to be organized across several EU countries, add to a regional push toward manufacturing semiconductors after a global shortage forced carmakers to slow production lines.
They didn’t give details of how much would be invested in each specific technology area.
Speaking on Wednesday, Ursula von der Leyen, President of the European Commission said: :About a fifth of the EU’s 750 billion-euro ($887 billion) pandemic recovery fund will be spent on digital technology for the entire region”.
Officials want to direct funding in several areas by 2030 including but not limited to 5G communication, digital innovation, blockchain services, and data infrastructure.
Certainly, part of the investment fund will go towards the manufacture of low-power processors as EU officials seek to prevent a recurrence of the semiconductor shortage that affected several industries worldwide.
Without any question, blockchain has been identified as one of the more important emerging technologies that could shape Europe’s future. Because of this, EU officials are pushing for region-wide legal standards to prevent regulatory fragmentation.
However, a recent survey has indicated that a majority of Europeans prefer national regulations for crypto and blockchain rather than a European regulatory standard for the emerging industry.
