Home / Blockchain / The European Union calls on the major banks to join the Blockchain forum

The European Union calls on the major banks to join the Blockchain forum


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The EU is creating a blockchain forum and has invited at least five major banks, including BBVA and Santander. The purpose of the IATBA (International Association for Trusted Blockchain Applications) is to "develop a reliable, safe and resilient European Blockchain service infrastructure that meets the highest standards in terms of privacy, IT security, interoperability and energy efficiency and fully compliant with EU law. " of trust seems to be the key word and, to prove it, they are involving the main banks right from the start.

A meeting on Tuesday entitled "Bringing the industries together for Europe to lead blockchain technologies" has formalized the imminent launch of the IATBA, which will be coordinated between the executive body of the EU, the European Commission and the European partnership Blockchain, an EU ongoing effort to involve member states in the promotion of blockchain technology.

According to the EC itself, the public sector plays a significant role in the blockchain and, as such, it is necessary to develop frameworks that guarantee the benefit of Europeans and that Europe becomes a hub for blockchain technologies.

Europe's leadership in the development and deployment of this new technology requires close collaboration between the public sector and the private sector. Governments and economic actors must work together to overcome regulatory obstacles, increase legal predictability, drive international standardization efforts, and accelerate research and innovation to support the scalability of innovative blockchain technologies.

Where are the blockchain companies?

Curiously, the EC writings on the subject were the names of the blockchain industry members who had been invited to participate. Santander and BBVA have made separate announcements on their own. BBVA writes:

Second [Carlos] Kuchkovsky [Head of Research & Development New Digital Business], blockchain and other new technologies – artificial intelligence, for example – must be understood as simple pieces that make digital ecosystems reliable. In this regard, he hopes that these types of projects will help to provide greater clarity about the regulatory uncertainty surrounding the use of these technologies. However, he believes it is "essential to establish a governance system that aligns the different participating industries and their goals", which should represent different dimensions of organizations and sectors.

BBVA has significant experience in the blockchain. Earlier this month, they completed a loan with some partners using the technology. It was not the first time that I.

At least one member state is pushing to become a hub for regulated ICOs – France, which is restructuring its tax code and encouraging the development of ICO to move to the country through visas specifically targeted at industry.

Meanwhile, in the United States, probably the birthplace of blockchains, ICOs and other experimental products and business models have recently been notified, with the SEC and the Department of Justice taking multiple actions. of enforcement against the participants of the industry.

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