EU Parliament Representatives Want 1 Million Euros to Invest in Blockchain Research

Rage Review : A few months ago, EU member Jakob von Weizsacker proposed to set up a working group, which was approved by the EU legislative department for the first time. Now members of the European Parliament proposed to raise 1 million euros (1.1 million US dollars) to invest in a working group focusing on digital currency and blockchain technology, hiring regulatory and technical experts, strengthening expertise, and improving regulatory capabilities. The focus should be on government use cases. The working group has the potential to create a harmonious regulatory environment that will not inhibit the development of innovation.

Translation: Nicole

Members of the European Parliament have proposed raising €1 million ($1.1 million) to fund a working group focused on digital currencies and blockchain technology.

The financing comes a few months after EU member Jakob von Weizsacker proposed the task force earlier this year and it received initial approval from EU lawmakers.

Legislative records show that von Weisacker is seeking financial support. He says the funding should be approved to keep the European Commission, the economic bloc's executive arm, at the forefront of developing emerging technologies.

Jakob von Weizsacker

Members of the European Parliament wrote:

“The pilot aims to create a working group, engage regulatory and technical experts, strengthen expertise and enhance regulatory capacity, while developing use cases, especially government use cases in the field of distributed ledger technology (DLT), as proposed in the EU resolution on digital currencies.”

The working group initiative is part of the EU Parliament’s legislative work and is one of the more eye-catching because it focuses on developing government use cases.

In the legislative record, von Weisacker reiterated statements about the working group, which has the potential to create a harmonious regulatory environment.

He wrote:

“Establishing strict regulatory policies too early will stifle innovation and constrain its potential, while waiting too long will allow systemic risks to materialize.”