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EU Countries Sign Declaration on Blockhain Partnership — European Commission

12 April 2018

Mariya Gabriel, Commissioner for Digital Economy and Society, said, "In the future, all public services will use blockchain technology".

"Digital Day 2018 will aim to reach joint commitments related to the digital future of Europe in order to encourage investment in European digital technologies and infrastructures".

The EIF and commission said that, in 2016, VCs invested about €6.5bn in the European Union compared to €39.4bn in the US.

An executive from the institution tasked with overseeing European regulation is offering new praise for blockchain technology.

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"For the Digital Single Market to work for people and business, to advance on our digital priorities, to make sure that Europe is a world digital leader: we need hard cash".

"For the last eight years, Invest Europe has advocated using public money in new ways to bring in more private capital and facilitate the next stage of venture capital's evolution in Europe", said Michael Collins, CEO of the trade body.

The commission also stressed that this move should allow Europe to continue playing a leading role in the development and implementation of blockchain technologies. Post-withdrawal from the EU may mean that actually, we are required to leave the partnership, this seems unlikely however as honestly, there would have been no point in signing up from the outset, therefore I expect that this has already been discussed and a contingency plan to keep the United Kingdom as a part of the European Blockchain Partnership is already in place.

As we are still members of the European Union until the Article 50 process has passed, I assume we would remain within the European Blockchain Partnership. The objective is to launch EU-wide blockchain applications across the Digital Single Market for the benefit of the public and private sectors.

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The European Commission and the European Investment Fund (EIF) have launched a venture capital programme aimed at resolving the size problem that has deterred many investors from allocating to the asset class.

The signatory states committed to collaborate on the secure and authorised access to national and regional banks of genetic data and other data relevant for health.

The EU will provide the first lump sum of €410 million, which will be made up of €67 million from the European Investment Fund, €200 million from the Horizon 2020 InnovFin Equity, €105 million from COSME and €105 million from the European Fund for Strategic Investments. In addition, £12bn under the European Structural and Investment Funds is being invested in digital technologies.

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EU Countries Sign Declaration on Blockhain Partnership — European Commission