The European Union would like to promote technological development in the region with a planned investment volume of 177 billion US dollars.
According to Bloomberg, EU officials plan to fund direct investments in areas such as blockchain, data infrastructure, 5G and quantum computing, among others.
The proposed $ 177 billion mutual fund represents about 20% of the € 750 billion ($ 887 billion) stimulus package agreed by EU leaders in July 2020 to stimulate economic recovery amid the to fuel the ongoing COVID-19 pandemic.
In his speech on Wednesday Ursula von der Leyen, President of the European Commission, underlined the importance of investing in digital technologies for the entire region.
In fact, a portion of the investment fund will go into making energy efficient processors as EU officials try to prevent the semiconductor shortage from recurring, which has hit several industries around the world.
While the EU has disclosed its focus areas for the US $ 177 billion technology mutual fund, there is no information on how much is being invested in each sector.
Beginning of September, The Iota Foundation, along with six other companies, was selected to support the early development of the European Blockchain Services Infrastructure, a ledger technology project distributed across the EU.
In April 2019, the EU launched the International Association of Trusted Blockchain Applications, which has the task of supporting and promoting the introduction of DLT in the region.
Actually, Blockchain has been identified as one of the most important new technologies that could shape the future of Europe. Because of this, EU officials are pushing for legal standards across the region to avoid regulatory fragmentation.
However, a recent survey showed that the majority of Europeans prefer national regulations for cryptocurrencies and blockchain to a European regulatory standard for the emerging industry.
Meanwhile, the EU and US may soon begin collaboration on writing standards for regulating cryptocurrencies and blockchain.