The EU will invest $177B in blockchain and other new technologies

According to reports, the European Union plans to support technological development in the region through an investment of US$177 billion.

According to Bloomberg, EU officials plan Provide funding for direct investment in areas such as blockchain, data infrastructure, 5G, and quantum computing.

The planned US$177 billion investment fund accounts for approximately 20% of the 750 billion euro (US$887 billion) stimulus plan agreed by EU leaders in July 2020 to initiate economic recovery in the ongoing COVID-19 pandemic.

European Commission President Ursula von der Leyen emphasized the importance of investing in digital technology for the entire region in a speech on Wednesday.

In fact, as EU officials seek to prevent the recurrence of semiconductor shortages that affect many industries around the world, part of the investment funds will be used to manufacture low-power processors.

Although the European Union has announced the key areas of its US$177 billion technology investment fund, there is no information on the amount of investment in each sector.

related: The survey found that Europeans want their country to regulate cryptocurrencies, not the EU

In early September, the Iota Foundation and six other companies were selected Support early development European blockchain service infrastructure-a distributed ledger technology project within the European Union.

As early as April 2019, the EU launched The International Trusted Blockchain Application Association, whose mission is to support and promote the adoption of DLT in the region.

In fact, blockchain has been identified as one of the more important emerging technologies that may shape the future of Europe. Therefore, EU officials are pushing for regional legal standards to prevent decentralization of supervision.

However, a recent survey showed that most Europeans prefer national regulations for encryption and blockchain to European regulatory standards for emerging industries.

At the same time, the European Union and the United States May start cooperation soon In the field of drafting encryption and blockchain regulatory standards.