Major European Banks Sign Up For A New European Union Commission Blockchain App Association

Despite what anyone may say about the price of Bitcoin in the market, the crypto market is, when you look at it from a general perspective, still booming because of the developments of the blockchain technology and the creation of frameworks for it around the globe.

Now, the European Commision, an executive body of the European Union (EU) is set to launch a new blockchain association in 2019. Many major banks are already on board of the project and only waiting for it to happen. The Spanish bank BBVA is one of these banks.

The announcement was made this week that BBVA and four other banking giants will joined the EC’s planned International ASsociation for Trusted Blockchain Applications (IATBA). The organization is set to start its activities at the first quarter of 2019. At the moment, the other banks were still not named, but there are strong rumors that the Santander bank may be one of them.

This initiative was announced at a recent roundtable of the EU that happened in Brussels, Belgium, in November 20. The roundtable was called “Bringing industries together for Europe to lead in blockchain technologies”.

With representatives from the public and the private sector, this new association will aim to gather support for private blockchains and blockchain experts that can contribute to the European Union and its growth. One of the goals is to develop a set of guidelines and protocols for the blockchain industry at the same time that the companies promote the standards of the EU for blockchains at a global level.

This way, they will set an European blockchain strategy and try to take it to the world as an effort to make Europe stronger.

The head of Reserch and Development (R&D) of BBVA, Carlos Kuchkovski, has affirmed that the association will be extremely important for Europe and will play an important role in the way of establishing the best blockchain practices and standards around the world at the same time that it will avoid any fragmentation of how the blockchain is used in Europe.

This is a rather real concern as, if the countries regulate the blockchain in an individual way, they might end up having a very fragmented market, which could get in the way of establishing a single or at least a common ecosystem of blockchains by these European countries.

Kuchkovski believes that this will provide a strong regulatory certainty and that the market will benefit from this clarity in time. He added that the blockchain is not only a technology but also something that engenders new business models because it has created a tokenized economy that can pave the way for a new and revolutionary decentralized economy in the future.

Follow our blog to know who are the other banks that will aid BBVA (and possibly Santander) in the creation of this new framework and association.

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