The EU has decided to invest $ 177 billion in blockchain technology

The EU is reportedly seeking to boost technological development in the region with a planned investment of $ 177 billion. According to Bloomberg EU is planning direct investment in areas such as blockchain, data infrastructure, 5G and quantum computers.

The planned investment fund of $ 177 billion represents about 20% of the € 750 billion ($ 887 billion) stimulus package. Leaders The EU agreed on it in July 2020 to kick-start the economic recovery during the ongoing COVID-19 pandemic.

On Wednesday, the President of the European Commission, Ursula von der Leyen, emphasized the importance of investing in digital technologies for the whole region. Indeed, part of the investment fund will go to the production of low-power processors. Representatives The EU is working to prevent a recurrence of the semiconductor shortage, which has affected several industries around the world.

The EU has revealed its main areas of interest for the $ 177 billion technology investment fund. However, there is no information on the amount to be invested in each sector.

The blockchain is important for the EU

In early September, the Iota Foundation, along with six other companies, was selected to early stage support the development of a European blockchain infrastructure – an EU-wide distributed ledger technology project.

In April 2019, the EU launched the International Association of Trusted Blockchain Applications. It has the task of supporting and promoting the adoption of the DLT in the region.

Blockchain was actually identified as one of the more important new technologies which could shape the future of Europe. For this reason, EU officials are pushing for legal norms that would prevent the fragmentation of legislation.

However, a recent survey showed that most Europeans prefers national regulations for cryptocurrencies and blockchain before European regulatory standards for emerging industries. In the meantime, the European Union and the US may soon start working together to develop standards for the regulation of cryptocurrencies and blockchains.