The European Union is preparing its own blockchain
With the arrival of the MiCA law in the European Union, it seemed clear that cryptocurrencies are not welcome on the old continent. Today, the organization is turning around… in its own way.
Learn more: What is MiCA? Everything you need to know about European regulations
This news is not fresh: it has been more than a year since Belgian Foreign Minister Mathieu Michel wanted to launch an official European blockchain. The goal is primarily to allow the territory to break away from American storage and transmission solutions such as those offered by Amazon.
After several months of negotiations, we are almost there! Yesterday, the project was formalized by ten countries of the European Union. France is not considering joining at the moment, but is pledging its support.
The network under construction, called Europeum, will be launched in the coming years with a target of 2030. The already working blockchain prototype has been waiting to be tested for a long time.
What are the implications for our industry?
With an official blockchain in the works, should we expect it to become the only authorized one in Europe? It’s not on the agenda at the moment. Initially, the network will allow anyone to store their official documents as licenses and other IDs go digital, or track products.
Also, according to Mathieu Michel, the blockchain is not intended to be open to the general public. It will serve mainly for political and legal exchanges through smart contracts.. So we are far from the BRICS ambitions of inventing a large alternative public network with its own currency.
On the other hand, in the long term, the European Union is still trying to compete with cryptocurrencies. For example, he wishes to use this blockchain on the metaverse or even use it to circulate the future digital euro… with possible laws and restrictions in his favor.
Moral of the story: in the end, for Europe, the old way is better than the new.
Disclaimer
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