EU: Established the International Trusted Blockchain Application Association to promote the adoption of blockchain technology

According to Cointelegraph's April 3 report, the European Union (EU) announced on the official website that it will set up an organization called the International Association of Trusted Blockchain Applications (INATBA) to promote the blockchain. Widespread adoption of technology.


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A representative of Cointelegraph attended the launching ceremony of the European Commission in Brussels on the same day. The Representative stated that more than 100 members who signed the Charter included well-known companies such as IBM, Accenture and Deutsche Telekom. Related members of the blockchain include Iota, Ripple, ConsenSys, and the Sovrin Foundation.

According to the announcement, INATBA aims to bring together industry start-ups, small and medium-sized enterprises (SMEs), regulators and standards-setting bodies to mainstream blockchain and distributed ledger technology (DLT).

At the ceremony in Brussels, EU Digital Economy and Society Commissioner Mariya Gabriel said the EU has been working to promote the development of the blockchain. She said:

“In today’s economic climate, there is less and less time to build trust as in the past. In order to fight cancer, to balance renewable energy, in order to track the authenticity of goods, participants must be able to maintain each other without face-to-face communication. Trust. How can we do this? Of course, with the help of the blockchain."

The article published by the agency also pointed out that the new organization is willing to promote the use of decentralized technology by establishing a special regulatory framework. It refers to:

“INATBA aims to establish a framework that promotes cooperation between the public and private sectors, regulatory convergence, legal predictability, and ensuring system integrity and transparency.”

It is worth mentioning that at the ceremony of the day, another 48 organizations also applied to join the organization on the day of launch.

As Cointelegraph reported in January this year, the European Banking Authority (EBA) recommended further research on cryptocurrencies, and will work on the field in 2019 and develop a document that focuses on "EU law on crypto assets. Applicability and applicability".

Also in January, a member of the European Central Bank (ECB) Management Committee warned that "the (cryptocurrency) bubble has begun to burst."

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