EU reportedly will invest $177B in blockchain and other emerging technologies
Amount corresponds to 20% of the stimulus package set to recover economic issues in Europe
A report made by the news company Bloomberg announced that the Europe Union is set to invest $177 billion in novel technologies and it includes blockchain. The amount corresponds to 20% of the total provided for a stimulus package to economic recovery for Europe since the global pandemics.
Besides blockchain, other technologies such as data infrastructure, 5G, and quantum computing are in the EU’s focus. Even though the amount is significant, it was not disclosed how much would go for each sector.
The President of the European Commission, Ursula von der Leyen, reinforced the relevance to investing in digital technology for Europe and Leyen’s statement matches with previous initiatives that the EU has been taking on to increase its range in technological innovation.
The EU has already launched the International Association of Trusted Blockchain Applications back in 2019, in order to support and promote DLT adoption in the region, and in September this year, seven companies were chosen to support the development of the new project ‘European Blockchain Services Infrastructure’, which has the goal to be a distributed ledger technology for all EU region.
When official sectors such as governments and unions get together and recognize the importance of the blockchain technology and the digital assets ecosystem it means a huge step in the adoption of those technologies in the world. It brings trust and confidence to people and businesses that are still apprehensive about the digital revolution.