The EU aims for the core processes of the European Union to include crypto and blockchain technology by 2024.
The European Union plans to create new regulations over the next four years, according to internal documents published on Fridays by Reuters, to facilitate the use of blockchain and digital assets for foreign money transfers.
Details of the documents:
Reuters clarified that the European Commission, the governing body of the union, aims to increase the frequency of digital payments while striving for immediate transaction times since almost 80 per cent of its population is employed in paper currency.
The Commission’s stated objectives include an attempt to improve access to data, the availability of financial operations, to improve performance. “In all areas where there is a strong potential for digital finance, the principle of passports and a one-stop-shop licence shall apply until 2024,” specified the documents.
Reuters added that in the next year, avenues for quick transactions should take over. While the COVID-19 pandemic may have intensified the demand for digital payments worldwide, the regulatory city has spoken about blockchain and crypto assets, with a significant number of countries looking to central banks to streamline their payment infrastructure.