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EU presented a new perspective on the use of blockchain technology

The European Union is stepping up its efforts to promote work on new technologies, such as blockchain.

09.Mar.18 2:08 AM
By Daria Zaytseva


EU presented a new perspective on the use of blockchain technology

According to a Fintech Action Plan of 2018, published on Thursday, the European Commission, the executive body of the European Union, plans to form a new Fintech laboratory in the second quarter of 2018.

In the new initiative, participants from the EU and national authorities, as well as technology providers in Europe, will seek to increase the "regulatory and supervisory capacity and knowledge" for new technologies, including blockchain.

The report identified areas of possible development, including clarification of legal issues around smart contracts, initial coin offerings and other jurisdictional issues raised by the technology.

Indeed, the new plan is the last step of the European Union aimed at promoting work around the blockchain within the regulated environment.

Currently, according to the document, the European Union has already revised its Payment Services Directive since January this year, which requires banks in the region to open up their communication channels, such as API, to blockchain applications requiring the integration of payment accounts, for example.

The Commission's FinTech also noted the work already done under its Blockchain Observatory initiative, which was launched last year as part of efforts to create a common framework for the use of technology within the economic bloc.

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