European Union Is Investing $177 Billion in Blockchain

The European Union has decided to spent a huge sum of money, equal to 177 billion dollars on the Blockchain technology.

European Union Is Investing $177 Billion in Blockchain

According to recent reports, the European Union is investing a hefty amount of 177 billion dollars in the Blockchain technology and related projects.

This is the latest move by the EU with regard to the advancement and furthering of technology in this green continent. And it seems that this money is earmarked for a number of venues and projects; including, but not limited to, Blockchain, data infrastructure, 5G, quantum computing, etc.

This money comes out of the 750 billion Euros (equivalent to 887 billion dollars) on which the European leaders agreed back in July 2020. This total sum of money was decided to be spent the rejuvenation and revitalization of economy in the post-Covid era.

So, it seems that about 20 percent of the totality of this budget, equal to about 177 billion dollars is going to be spent on new and modern technologies, including Blockchain.

This move has been made after various member of the EU including  Ursula von der Leyen, President of the European Commission, emphasized the importance of this technology and other new technologies in the advancement of all aspects of European countries, including the financial status.

This is the very first area that the European Union has revealed its intention with regard to investment. The expenditure of the rest of the 887 billion dollars is yet not clear.

A lot of experts and analysts ascribe this move the growing and huge interest of the European people with regard to digital currencies and other new emerging technologies coming out of the heart of the Blockchain technology.

In fact, this interest in these technologies and currencies is so much that the citizens of these European countries have time and again shown their interest in a nationally sanctioned regulatory framework for cryptocurrencies.

Even though, the regulation of the digital currencies in EU member states is yet to be cleared, this huge budget to further these technologies will surely help EU gain a lot of advantages from the Blockchain technology and other related advancements.