The European Union plans to invest $177 billion to support technological development in the region. EU officials want to introduce Europe-wide legal standards related to digital assets. They are very serious about funding emerging technologies in areas such as blockchain, 5G, data infrastructure and quantum computing, among others. This is reported by Coin Telegraph, citing Bloomberg.
The planned investment is a fifth of the EU’s stimulus package
The planned investment fund is about one-fifth of the €750 billion stimulus package. The leaders agreed on it last year. The goal is to fight the economic consequences of the pandemic. In her State of the Union address, EU Commission President Ursula von der Leyen pointed out the importance of investments in digital technology for the entire region. Thierry Breton, Commissioner for the Internal Market, echoed this sentiment:
Europe is determined to take the lead in the global technological race. Setting targets for 2030 was an important step, but now we need to deliver. Europe must not become even more dependent in the years to come. Otherwise, we will remain too exposed to the ups and downs of the world and miss out on economic growth and job creation. I believe in a Europe that is a leader in the markets of the future, not a Europe that is merely a supplier.
EU plans investment in low-power processor production
Part of the investment will go into the production of low-power processors. This is to prevent the semiconductor shortage that is hurting many industries around the world.
Earlier this month, six companies were selected to support the early stages of development of an EU distributed ledger technology project. The project is called the European Blockchain Services Infrastructure. To prevent regulatory fragmentation, EU officials want to introduce legal standards for digital assets. There are indications that the EU and the U.S. are working together to draft such standards for cryptocurrencies and blockchain.
Most EU countries support the creation of a national cryptocurrency
A recent survey by Redfield & Wilton Strategies for Euronews of. 31,000 participants from Estonia, France, Germany, Greece, Hungary, Italy, Latvia, Lithuania, the Netherlands, Poland, Portugal and Spain revealed that the majority of respondents support the creation of a national cryptocurrency. They justify it with the argument of financial independence from the European Union.
Respondents from Greece (40%), Italy (41%) and Estonia (39%) showed the most support. In contrast, 37% of respondents from the Netherlands were against a cryptocurrency. Only 18% were in favor.