Regardless of how red the financial markets are, the main thing is that the underlying technology of digital assets is being utilized by several authorities, individuals, enterprises around the globe. As a result, the European Commission is currently allocating resources for supporting the development of such an advanced innovation as blockchain in the EU. For this purpose EC has established a blockchain observatory.
That’s not the first time that EC focuses on blockchain. Since 2013 the company is funding a variety of projects via various research programs.
Previously, we had an opportunity to learn what president of the ECB, Mario Draghi treats crypto assets. His point of view is quite logical and easy to understand, given his mission is to protect the common currency against probably rivals and he has successfully coped with it. However, it doesn’t mean that any agency in the EU could make use of the whole potential of blockchain. By the way, the Royal Bank of Scotland as well as other financial intuitions have been successfully utilizing this technology to handle different undertakings.