Belgium Leads Charge for EU-wide Blockchain Infrastructure Development in 2024
Summary:
Under its presidency of the EU Council in 2024, Belgium plans to fast-track the development of a European blockchain framework, aimed at enabling secure storage of official documents such as property titles and driving licenses. This initiative is part of four principal objectives outlined by its Secretary of State for Digitization. The European Blockchain Services Infrastructure project, established in 2018, is proposed to be revamped and renamed as 'Europeum', serving as a public administration tool across the EU. The project could also support the infrastructure for the digital euro, providing security, transparency, and privacy for citizens' data.
Early in 2024, under its upcoming EU Council presidency, Belgium plans to expedite the establishment of a European blockchain framework. The government's goal is to foster secure storage of official records such as property deeds and driving licenses. Mathieu Michel, Belgium's Secretary of State for digitization, highlighted the development of a public, cross-European blockchain infrastructure as one of their four principal objectives when speaking to Science|Business media on November 21. Other initiatives include focusing on artificial intelligence (AI), the skills needed in the digital economy, and online anonymity.
Michel recommended revamping the European Blockchain Services Infrastructure (EBSI) project established in 2018, working alongside the European Blockchain partnership that includes the 27 EU member countries as well as Norway and Liechtenstein. He emphasized, “If we aim to construct a common foundation, it has to evolve into a European and political project.”
The revitalized EBSI, proposed to be renamed Europeum, would handle public administration tasks across the EU, like verification of official documents. Michel also contended that the undertaking could benefit the infrastructure for the digital euro.
He underlined the importance of utilizing a public blockchain constructed by the EU member nations, rather than private options, arguing that it grants citizens regaining control over their data, ensuring security, transparency, and privacy.
So far, Italy, Croatia, Poland, Portugal, Slovenia, Luxembourg, and Romania have agreed to participate in the Europeum initiative. The project's headquarters will be domiciled in Belgium.
The steady progression of regulatory consolidation around blockchain and cryptocurrency continues. Earlier in November, nearly 50 national governments collectively committed to promptly implementing the Crypto-Asset Reporting Framework (CARF), an international standard for automatic information exchange among tax authorities, into their local legislations.
Published At
11/22/2023 10:34:23 AM
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