Next year, the European Commission will set up a new Blockchain Association for which large banks are already registering.
New blockchain forum of the European Commission for big banks?
Spanish bank giant BBVA announced on Tuesday that it and four other banks joined the proposed International Trusted Blockchain Applications Association (IATBA) of the European Commission. This has already been announced for the first quarter of 2019 as a legal entity. According to sources, Santander Bank is also a member of the group.
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The purpose of the International Association for Trusted Blockchain Applications (IATBA) is “to develop a complete, reliable, resilient and European infrastructure for blockchain services that meets the highest standards of privacy, cybersecurity, interoperability and energy efficiency compatible with EU law. ”
The public sector plays a significant role in the blockchain. Therefore, framework conditions must be created to ensure that Europeans benefit and Europe becomes a hub for blockchain technologies, according to the European Commission:
“Europe’s leadership in developing and implementing this new technology requires close cooperation between the public and private sectors. Governments and economic actors need to work together to overcome regulatory barriers, increase legal predictability, lead international standardization efforts, and accelerate research and innovation to support the scalability of innovative blockchain technologies.”
BBVA has made its own announcement on this topic:
“According to Carlos Kuchkovsky (Head of Research & Development New Digital Enterprise), Blockchain and other new technologies, such as artificial intelligence, have to be understood as simple elements that make digital ecosystems reliable. In this regard, he hopes that this type of project will help to clarify the regulatory uncertainty currently associated with the use of these technologies. Nonetheless, he believes that “it is essential to create a governance system that reconciles the different participating industries and their objectives”, which should represent different sizes of organizations and sectors.”
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