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Seven member states of the EU have collaborated on a project aimed at promoting the adoption of blockchain technology to improve government services and promote economic development in the region.
France, Italy, Belgium, Malta, Spain, Cyprus and Portugal – a blockade of southern Europe – signed the joint declaration on Tuesday 4 December in Brussels, Belgium.
In addition to promoting the use of blockchain in "to commute" the economic welfare of the seven nations, the cooperation is intended to guarantee the continuous technological progress in the nascent blockchain industry that would see the region classify as one of the main destinations of the sector.
The Brussels agreement notes that blockchain technology has the potential to be a "change of game " one that can significantly improve public services by increasing efficiency and transparency in areas such as education, health, transport and customs, as well as other essential services.
The adoption of blockchain-based applications in government operations can also improve the delivery of services to citizens in the region through increased accountability and confidentiality, notes the document.
The seven-nation economic block is to use technology to increase e-government services, which can be useful for improving transparency.
Furthermore, the southern EU nations note that their collaboration will result in "Reduction of administrative burdens, better customs collection and better access to public information".
On the thorny issue of regulations, countries want to see elements such as decentralization and technological neutrality being taken into account in future regulatory frameworks within the EU.
Part of the declaration states:
"We believe that any legislation on distribution accounting technologies should take into account the decentralized nature of such technology and should be based on fundamental European principles and technological neutrality".
Another proposal of the block is that any future legislation promotes the understanding of distributed accounting technologies in the private and public sectors.
According to the group, this is possible if the regulations promote "Innovation and experimentation" in the DLT sector, which will not only lead to better understanding by the public, but will also contribute to the development of multiple use cases.
Member States of Southern Europe are collaborating at a time when one of the bloc countries – Malta – has already taken a leading role in the adoption of blockchain technology by providing a friendly environment that supports companies based on blockchain and encrypted businesses.
Being home to a series of friendly blockchain initiatives, Malta has become popular in recent months "Blockchain Island".
In June, the country's parliament approved three draft laws related to cryptocurrency and blockchain that have seen some leading cryptocurrency companies move to the country, including the world's largest cryptocurrency exchange for Binance.
The small nation of the EU also hosted the Blockchain Summit in November, where the prime minister and evangelist crypt John McAfee were among the keynote speakers.
Another Summit "Fully approved by the Government of Malta" is set for May 2019, highlighting Malta's growing reputation as a crypto-friendly nation.
After the statement on Tuesday, the Maltese Parliamentary Secretary for Financial Services Silvio Schembri tweeted that it was "proud" see the smallest member state of the EU take on such a "leading role" in blockchain collaboration initiatives.
The EU still has to regulate the blockchain technology in the region, but has indicated that it is considering the idea of doing so, even if a $ 500k blockchain pilot program is also expected.
At the end of September, a group of experts based in Brussels published a report calling on all EU finance ministers to adopt a common approach to the regulation of cryptocurrencies.
Earlier this week, US company Catapult of Digital released a report from a survey in which 74% of blockchain-based and crypto-related companies expressed concerns about the regulatory environment in the country.
(Source: Ministerial Declaration of Southern European Countries on DLT)
Disclaimer: This is not an investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.
