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BBVA and Santander join the EU's Joint Blockchain platform ready for launch in 2019

The banking groups BBVA and Banco Santander joined E.U. International Association for Trusted Blockchain Applications (IATBA), the Spanish economic daily Expansion writes on November 20th.

Representatives from two Spanish banking groups were invited to an E.U. round table blockchain held in Brussels by Mariya Gabriel, commissioner for the economy and digital society, and Roberto Viola, director of the EU. Department of communication networks, content and technology.

According to a press release BBVA, during the meeting E.U. The officials revealed that the IATBA will be launched in the first financial quarter of 2019. The main objective of the association is to develop E.U. blockchain regulation, together with the preparation of the launch of E.U. blockchain applications.

According to Expansion, BBVA and Santander are among the top five banks invited to join the IATBA. The other members of the association have not yet been disclosed.

IATBA is an initiative promoted by the European Blockchain Partnership – a collaboration of 27 E.U. countries, including the United Kingdom, France, Germany, Sweden, the Netherlands and Ireland. As previously reported by Cointelegraph, States cooperate to create "a European Blockchain Services Infrastructure that will support the provision of cross-border digital public services, with the highest standards of security and privacy".

While the CEO of BBVA has already noted some of the challenges and limitations of blockchain technology, the company has already tested several blockchain solutions. In June, the bank worked with the Spanish energy company Repsol to test different blockchain technologies, namely Hyperledger and Ethereum.

More recently, BBVA made a $ 150 million loan on a private blockchain network through a group of three loan banks including the French banking group BNP Paribas and the Japanese banking holding Mitsubishi UFJ Financial Group (MUFG).

Santander is also interested in decentralized technologies. In July, he joined IBM's Blockchain Platform along with four other banks and set up a research team to explore the use of blockchain in securities trading.

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