The EU invites large banks to join the Blockchain forum

[Paha87]

The European Union is in the process of creating a blockchain-forum and has invited at least five major banks, including BBVA and Santander. The goal of IATBA (international Association of trusted blockchain applications) is "to create a reliable and secure European blockchain infrastructure that meets the highest standards in terms of privacy, cybersecurity, interoperability and energy efficiency and is fully compliant with EU legislation."

The meeting, entitled "Association of industries for Europe, leading the lead in blockchain technology", formalized the forthcoming launch IATBA, which should be agreed between the Executive body of the EU, the European Commission and the European partnership on blockchain.

According to the EU itself, "the public sector plays a significant role in the blockchain, and therefore it is necessary to develop a framework that will ensure the benefit of Europeans."

Europe's leadership in developing and harnessing this new technology requires close cooperation between the public and private sectors. The meeting was announced:

Governments and economic actors must work together to overcome regulatory impediments, increase legislative predictability, come to international standardization efforts, and accelerate research and innovation to support the scalability of blockchain innovation technologies.

Who are the players?
Curiously, the EU documents did not contain the names of the blockchain Association members who were invited to participate. Santander and BBVA made separate announcements. BBVA says:

According to Carlos Kuchkovsky (head of research and development of new digital business), blockchain and other new technologies - for example, artificial intelligence - should be understood as simple elements that make digital ecosystems reliable. In that regard, he hoped that those projects would contribute to greater clarity on the regulatory uncertainty that currently covered the use of those technologies. However, he believes that "it is necessary to create a management system that brings together the different industries involved and their objectives", represented by different organizations and sectors of different sizes.

BBVA has considerable experience in working with blockchain. Earlier this month, the company completed testing of the credit blockchain platform and this step marked not the first use of the technology by the Bank.

Link to the source of information (Russian) - https://altstake.io/news/ec-priglashaet-krupnye-banki-prisoedinitysya-k-blokcheyn-forumu