[ad_1]
The European Parliament called for measures to increase the adoption of blockchain technology in trade and administration with a provisional resolution published on 13 December.
The resolution, dubbed "Blockchain: a far-sighted commercial policy", generally considers blockchain "as a private DLT (Private Distributed Ledger) technology", but also admits that "various case studies and industries derive utility from a mixture of private / public , authorized / unauthorized blockchains. "
The resolution notes that free trade agreements (FTAs) in the EU are underutilized – only 67% of EU exporters and 90% of EU importers use preferential tariffs – and that blockchain could help improve these trade policies.
The authors of the resolution state that "exporters could upload all their documents on an application of public authority supported by blockchain and demonstrate their compliance with the preferential treatment granted by a free trade agreement".
The parliament also states that blockchain technology has the potential to "give confidence in the provenance" of products and to assist and allow customs authorities to obtain the information required for customs declarations.
Overall, the resolution proposes that DLT technology is a way to "increase the efficiency, speed and volume of global trade by limiting the costs associated with international transactions".
The document concludes with the request to the European Commission to "follow the developments in the blockchain sector" and to develop "a series of guiding principles" for its applications. It also invites the commission to set up a technology advisory group and conduct technology policy investigations. The European Parliament states:
"The EU has the opportunity to become a major player in the field of blockchain and international trade, and that it should be an influential actor in shaping its development globally, along with international partners";
Earlier this month, seven EU member states issued a statement calling for the promotion of the use of DLT in the region. The declaration was initiated by Malta and subsequently signed by Italy, France, Cyprus, Portugal, Spain and Greece.
However, in September the president of the European Central Bank (ECB), Mario Draghi, stated that there are no plans to issue their own digital currency. Also, in mid-November, a member of the ECB executive committee called Bitcoin (BTC) "the malewn spawn of the [2008] financial crisis."
[ad_2]Source link
