Euro Investment Bank predicts a shortage of blockchain and technology investment

According to the European Investment Bank, the European Union lags behind China and the United States in terms of blockchain and artificial intelligence investments.

The European Investment Bank said on Tuesday that it expects an ongoing investment gap of approximately 10 billion (US$12 billion) in these two technologies. Currently, China and the United States account for 80% of the global $25 billion in blockchain and artificial intelligence investment, while the European Union only accounts for 7% of that number. report Reuters.

The bank said that the lack of investment in these two industries compared with other regions shows that the EU has failed to translate scientific knowledge into applicable business models.

“Compared with other leading regions, European companies and governments have seriously underinvested in artificial intelligence and blockchain. It is clear that the European Union is working hard to translate its outstanding scientific achievements into commercial applications and economic success,” the report said.

EIB stated that it expects that investments in these two technologies will help the global COVID-19 recovery, covering everything from healthcare to financial services. The bank said that if the EU intends to keep up with global competitors, it will need additional funds from the private market.

“The EU and member states’ support programs can fill some of the gap, but the private market obviously needs to contribute the balance,” the bank said.

Even with the investment shortage described by EIB, European financial institutions continue to experiment with blockchain technology.Bank of France recently used the Ethereum blockchain Run a pilot test For central bank digital currency.Most major countries in the European Union have signaled intention Explore the development of CBDC in the next few years.