EU Launches International Blockchain Association

EU Launches International Blockchain Association

On April 3, the European Union published on its official website that it had launched INATBA (International Association of Trusted Blockchain Applications).

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On April 3, the European Union published on its official website that it had launched the INATBA (International Association of Trusted Blockchain Applications). According to our representative who graced the ceremony which was held in Brussels, at the EC (European Commission), the members who signed the charter were in excess of 100. Some of the members who signed the charter included Deutsche Telekom, IBM, and Accenture. Some of the blockchain-related members include IOTA, the Sovrin Foundation, ConsenSys, and Ripple.

According to the European Union announcement, the aim of the INATBA is to bring together different industry SMEs (Small and Medium Enterprises), startups, standard-setting bodies, and regulators. That is done for the purpose of bringing distributed ledger technology (DLT) and the blockchain technology into the mainstream.

During the ceremony held in Brussels, Mariya Gabriel, who is the Digital Economy and Society European Commissioner, acknowledged that the European Union is committed for the purpose of promoting and strengthening the blockchain development. She commented that unlike the past, it is now increasingly becoming difficult to build trust since the time available is becoming less and less. Therefore, to be able to confront our different issues such as balancing renewable energy, fighting cancer, and tracing good authenticity, the different actors must be able to trust one another without the need for a face-to-face meeting. This is able to be achieved through the use of blockchain.

From the European Union website post, it is stated that the newly formed organization is readily willing to promote decentralized technologies use and of course, formulating the much needed dedicated regulatory framework. It is stated that the aim of the INATBA is to develop a framework that is able to promote the private and public sector collaboration, legal predictability, regulatory convergence, and the safeguarding of the integrity and transparency of the system.

In the ceremony, it was noted that about 48 other organizations had applied for the membership of the organization on the launch day.

As was reported earlier in the year, the EBA (European Banking Authority) had recommended that further research is carried out concerning cryptocurrency and to develop a document about the European Union law applicability and suitability in terms of crypto-assets. Moreover, it must not also be forgotten that in the same beginning of the year, an ECB Governing Council member warned that the cryptocurrency bubble was already in the process of collapsing. Of course, I must add that generally, crypto experts agree that we have never been anywhere from experiencing a crypto bubble. All we have witnessed is just a blip, a price crash.

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