EU Approves Digital Policy As Parliament Supports Blockchain Infrastructure Plan

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The European Union (EU) has endorsed the Digital Decade policy initiative and is developing a formal blockchain infrastructure strategy. The European Parliament, on the other hand, approved the “Digital Decade” policy program by a vote of 529 to 22. It promises to help businesses and government agencies digitize their operations.

Furthermore, the policy would encourage the development of a “pan-European blockchain-based infrastructure.” According to the policy paper, the EU will launch a major plan to invest in web3 and blockchain technology, with participation from many countries. The plan also calls for the advancement of 5G, the strengthening of data infrastructure, and the enhancement of high-performance computing.

It should also be noted that the EU started with MiCA to ensure regulatory certainty for the cryptocurrency industry. The Markets in Crypto-Assets (MiCA) regulation, on the other hand, lays out some things, including new guidelines for grading and issuing cryptocurrencies.

Furthermore, services related to cryptocurrency markets will be regulated. MiCA will, in general, provide regulatory clarity to the crypto industry and may quickly become a model for other countries to follow.

EBSI Raises the Bar For European Crypto

As previously stated, on Thursday, November 22, 2022, the European Union (EU) successfully approved a vote on the program, bolstering preparations for an official blockchain infrastructure strategy. The Digital Decade policy, which aims to assist public institutions in modernizing their operations, was, however, approved by a vote of 529 to 22.

Investing in multinational blockchain infrastructure is one of the goals of the Digital Decade strategic plan for 2030. It provides comprehensive “multi-country plans” to achieve the goals, with a focus on topics such as creating a common data infrastructure, advancing high-performance computing, building 5G internet corridors, and investing in blockchain and web3 technologies.

The Importance of EBSI to the Future of the EU

The EU began with MiCA to provide regulatory clarity for the cryptocurrency sector. This latest EU step will present a unified front for future blockchain technology and its rapid expansion across the entire union, giving member countries greater influence over technological and cryptocurrency progress.

The Markets in Crypto-Assets (MiCA) legislation proposed by the European Commission (EC) for 2020 is a major licensing proposal aimed at ensuring financial stability and protecting investors. It should also be noted that in 2018, the European Commission established the European Blockchain Partnership and the European Securities and Markets Institute (ESBI) with the primary goal of developing and delivering blockchain-based public services across the EU.

A transnational initiative, the European Blockchain Service Infrastructure (EBSI), includes all EU member states as well as observers Norway, Liechtenstein, and Ukraine. According to an EU Commission representative, the EBSI “is already subject to a partnership between the European Commission and the European Blockchain Partnership.”

“The EBSI aims to support cross-border public services by leveraging technology in an environmentally friendly manner,” he added. It employs permission blockchain with EU governance provided by the EBP.” As a result of the vote in favor of the Digital Decade file, more people are likely to support the EBSI in the future.



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