A considerable amount of direct funding for new technologies such as blockchain has been set a goal by EU policymakers.
According to reports, the European Union intends to invest $177 billion in the region’s technical growth as part of a larger investment strategy.
According to Bloomberg, EU officials intend to fund direct investments in areas such as blockchain, data infrastructure, 5G, and quantum computing, among other things.
The anticipated $177 billion investment fund represents around 20% of the 750 billion euros ($887 billion) stimulus package agreed upon by EU leaders in July 2020 to jumpstart economic recovery in the face of the persisting COVID-19 epidemic, according to the European Commission.
Ursula von der Leyen, President of the European Commission, underlined the need of investing in digital technology for the entire area during a speech on Wednesday.
A portion of the investment fund will be used to support the production of low-power CPUs, as EU officials attempt to avoid a repeat of the semiconductor shortage that plagued various industries around the world in 2012.
While the EU has identified the sectors in which it intends to invest the $177 billion technology investment fund, there is no information on the amount of money that will be invested in any of those sectors.
Earlier this month, the Iota Foundation was selected, along with six other companies, to provide early-stage development support for the European Blockchain Services Infrastructure, a distributed ledger technology project spanning the whole European Union.
Throughout April of this year, the European Union established the International Association of Trusted Blockchain Applications, which is tasked with assisting and encouraging the use of distributed ledger technologies (DLTs) in the region.
In fact, blockchain has been highlighted as one of the most important emerging technologies that has the potential to impact Europe’s future in the near future. As a result, EU authorities are urging the adoption of regional legal norms in order to prevent regulatory fragmentation.
However, according to a recent survey, a majority of Europeans want national crypto and blockchain rules rather than a European regulatory norm for the emerging industry.
The European Union and the United States may soon begin working together on rules for crypto and blockchain legislation, according to reports.
