Crypto and blockchain are now also moving into the European focus.
The European Union wants to make crypto and blockchain an important building block of the future by 2024
Accordingly, the Union intends to adapt its guidelines over the next four years to promote the use of blockchain and digital currencies for international payments. This emerges from internal documents that Reuters reported on Friday .
So it says in the documents:
“By 2024, the EU should create a comprehensive framework that promotes the introduction of distributed ledger technologies (DLT) and cryptocurrencies in the financial sector. […] At the same time, it should take the risks of these technologies into account appropriately. “
Since almost 80% of all EU citizens still pay in paper form, the European Commission, the highest executive body of the EU, wants to increasingly establish digital payments, which among other things could drastically reduce transaction times, as Reuters explains.
In addition to increasing efficiency, the Commission also wants to increase the availability of financial data. „By 2024, the principle of general validity is to apply to permits in all areas that hold great potential for digital finance,“ as the document says.
Although the Corona crisis has made clear the need for digital payment options around the world , cryptocurrencies and blockchain have increasingly come into focus, as many countries are now seriously considering their own central bank digital currencies in order to optimize their respective payment systems.