The European Commission has published a plan of action to study and implement blockchain technology in the existing financial system. According to the plan, in the second quarter of this year a new fintech laboratory will be established in the EU. Representatives of EU governments and technology companies will take part in the creation of this organization.
“Such modern technologies as blockсchain can completely change the modern financial services market. To ensure the development of these technologies, we will create an appropriate site and will carry out targeted work on risk management in the interests of protecting consumers’ rights,” the commissioner for digital economy, Ms. Maria Gabriel, said.
The plan also indicates the promising areas of work for the new organization, such as the development of a legal framework for the implementation of solutions, including smart contracts, ICO, and other blockchain solutions. It should be noted that the appearance of such a plan is another step for the European community taken towards modern technologies. Thus, at the beginning of 2018, the EU amended the legislation on payment services, which allowed banks to use the API, as well as integrate blockchain applications into the provided financial products.