The EU is ready to invest $ 177 billion in blockchain and other novel technologies
EU officials have set their sights on significant direct funding for emerging technologies, including blockchain.
The European Union is reportedly looking to boost technology development in the region with a planned investment pool of $ 177 billion.
According to Bloomberg, EU officials plan to fund direct investments in areas such as blockchain, data infrastructure, 5G, and quantum computing, among others.
The planned investment fund of $ 177 billion is roughly 20% of the 750 billion euro ($ 887 billion) stimulus package agreed by EU leaders in July 2020 to fuel economic recovery amid the ongoing COVID-19 pandemic.
On Wednesday, Ursula von der Leyen, President of the European Commission, highlighted the importance of investing in digital technology for the entire region.
In fact, part of the investment fund will go towards the manufacture of energy-efficient processors, as EU officials seek to prevent a recurrence of the semiconductor shortages that affected several industries around the world.
While the EU has disclosed its focus areas for the $ 177 billion technology investment fund, there is no information on how much will be invested in each sector.
In early September, the Iota Foundation, along with six other companies, was chosen to support the early-stage development of the European Blockchain Services Infrastructure, an EU-wide distributed ledger technology project.
In April 2019, the EU launched the International Association of Trusted Blockchain Applications tasked with supporting and promoting the adoption of DLT in the region.
In fact, blockchain has been identified as one of the most important emerging technologies that could shape the future of Europe. As such, EU officials are pushing for legal standards across the region to avoid regulatory fragmentation.
However, a recent survey has indicated that the majority of Europeans prefer national regulations for crypto and blockchain rather than a European regulatory standard for the emerging industry.
Meanwhile, the EU and the United States may soon start collaborating in the area of drafting standards for the regulation of crypto and blockchain.
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