On October 3, 2018, the European Parliament voted in favour of the motion for a resolution on distributed ledger technologies and blockchains and all the political group members supported the resolution, which sends a positive message that politicians see this technology as benefiting Europe.
“It shows that in Europe there is a huge positive view towards blockchain technology. Now we, members of the European Parliament have expressed our view by adopting the resolution. The resolution sends us a clear message: blockchain technology is a new technology which can benefit Europe in many areas by bringing more efficiency and transparency for example in supply chain, energy, public services, financial services to name a few. However, the technology is still in a premature state, so we as decision makers should be open-minded towards this technology. Let’s not create unnecessary regulatory obstacles which can hinder the development of blockchain.” said EPP Group MEP Antanas Guoga, who is a great enthusiast of all innovations and specially of the blockchain technology.
The resolution calls for progressive and innovation-friendly regulation.
“Blockchain and distributed ledger technologies in general have a strong disruptive element that will affect many sectors,” said MEP Eva Kaili, the author of the resolution. “Financial services is just one. The resolution also looked at the effects of the technologies leading to fewer intermediaries in other sectors such as energy, health care, education, creative industries as well as the public sector. We experience a strong entrepreneurial interest in blockchain. We, as regulators, need to make sure that all this effort will be embraced by the necessary institutional and legal certain” MEP E. Kaili said.
The EU has already been promoting the technology. For example, it has already invested more than €80 million in projects supporting the use of blockchain. The European Commission has said around €300 million more will be allocated by 2020.
“In Europe we have a lot of potential to lead in new technologies such as blockchain technology or AI. In fact, we are already very good at it. Now we just need not to create unnecessary obstacles with over-regulation. Instead we should encourage learning process in our member states to learn about the potential of these new technologies through various initiatives.” MEP A. Guoga said.
Last autumn he founded the Blockchain Centre in Vilnius – the first international blockchain centre in Europe who is working to educate people about blockchain technology, to help blockchain startups to establish their business in Europe. A few weeks ago, Guoga and his team organized a huge ICT event in Vilnius, Lithuania called #SWITCH! which was dedicated to blockchain technology in partnership with EPP group at the EP, Luno, Lympo, Odem, Oracle, Skycop and other global tech companies and organizations. More than 15 000 participants attended the event which shows that people are eager to learn about the potential of new technologies.
“So before regulating any new technology first we need to educate ourselves as well as European citizens about it.” Guoga emphasized.
A motion of a resolution is an official position of the European Parliament on certain issues. If adopted, the resolution will be forwarded to the European Commission for consideration.
- Blythe Masters Resigns as CEO of Digital Asset - December 18, 2018
- Overstock’s Medici Ventures Uses Ravencoin Blockchain for Equity Purchase in Chainstone Labs – Completes $3.6 Million Securities Token Transfer - December 18, 2018
- Despite Market Downturn – eToro Survey Reveals Strong Interest in Cryptoasset Education - December 18, 2018
- BlockIMMO brings Blockchain Technology Platform to Tokenize Fractional Real Estate Investment - December 17, 2018
- Algorand Appoints Dual Ph.D. Rock Star Pablo Azar as Chief Economist - December 17, 2018
- Dascoin – Anatomy of Multilevel Marketing Crypto Scam – Coinmarketcap Zero - December 17, 2018
- Dutch Blockchain Company Tymlez Group Starts Trading on Australian Stock Exchange (ASX) - December 13, 2018
- DNAtix Releases Live Demo of its Blockchain based Genetic Infrastructure Platform - December 11, 2018
- IOHK Launches Secure Smart Contracts Technology for Cardano blockchain - December 11, 2018
- XYO Network to Launch of Blockchain Satellite on SpaceX Falcon 9 - December 11, 2018
- Algo Capital to Invest In Promising Companies Built on Algorand Platform – Announces $100 Million Blockchain Fund - December 11, 2018
- Stackr Taps into AI For Investment Solutions to Power a New Savings Solution - December 11, 2018
- Walt Disney Company Cuts Deal with Blockchain-fueled PlayGame.com to Bring Games to Southeast Asian Fans - December 11, 2018
- Huobi Releases New Derivative Market On Huobi Global - December 11, 2018
- Ledger Expands to New York City - November 26, 2018
- Genetics Prof. David Haymer Joins DNAtix Advisory Board - November 12, 2018
- Libra Announces Commitment to Support Circle Trade’s Financial Reporting Requirements - November 10, 2018
- Evident Proof, Leading Blockchain Immutable Proof Platform Accept Dash & XRP As Business Adoption Soars - November 10, 2018
- Ethereum Now On Hyperledger Fabric - October 28, 2018
- 8000+ Expected – Blockchain Expo North America Exhibition Announces Expert Speakers - October 26, 2018