Belgium Aims Restoring European Union Blockchain Infrastructure Project

The nation’s government intends to hasten the creation of a European blockchain infrastructure as it heads the Council of the EU.

Belgium’s government claims the nation intends to hasten the creation of a European blockchain infrastructure during its presidency to the European Union’s (EU’s) Council early next year. The proposal seeks to ensure the safe storage of official documents such as property titles and driving licenses.

Belgium’s Digitization Secretary to Revive EBSI Project

According to Mathieu Michel, Belgium’s Secretary of State for Digitization, the creation of a public blockchain for pan-European Union infrastructure is one of the major priorities of the nation’s imminent presidency. The rest of the initiatives will address online anonymity, artificial intelligence (AI), and the skills required for the digital economy. 

Michel recommends reviving the European Blockchain Services Infrastructure (EBSI) project. It was established in 2018 by the European Commission in partnership with the European Blockchain Partnership. 

The latter included the 27 European Union member states and Liechtenstein and Norway. Michel also said that the project is technical. Hence, creating a shared infrastructure evokes the need for it to be a political and European project.

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The transformed European Blockchain Services Infrastructure would be rechristened Europeum and utilized for public administration tasks. An example includes authenticating driver’s licenses and other documents in the European Union. Michel says the project might also support the digital euro infrastructure.

EU Established Public Blockchain to Replace Private Options

Michel revealed that it is crucial to utilize a public blockchain established by European Union member states instead of private options. Concerning transparency, safety, and privacy, the blockchain can revert control of the data belonging to the citizens.

Examples of nations that have signed up for the European plan include Slovenia, Italy, Romania, Portugal, Luxembourg, Poland, and Slovenia. Belgium will be the headquarters of the project’s head office.

The regulatory merging process surrounding blockchain and crypto is flowing steadily. Early this month, national governments pledged to ‘quickly transfer’ the Crypto-Asset Reporting Framework (CARF), a new global standard regarding automatic data exchange between tax authorities, into their domestic legal systems. 

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