PRESS RELEASE: European Parliament Supported a Resolution Calling for an Innovation Friendly Regulation on DLT and Blockchain

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The European Parliament remained positive on blockchain technology. This was demonstrated when a resolution on distributed ledger technology (DLT) generated favor from every political group. This is a clear message from the lawmakers though this does not mean that they support cryptocurrency in the same way. The use case of the emerging technology is growing, and the region is keen to adopt it.

Efficiency and Transparency

The European countries think that DLT could provide gains in several sectors through efficiency and transparency. This included energy, financial services, public services, and supply chain management . At the same time, the parliament members think that the DLT is in its nascent stage only though they are open towards the new age technology. It is quite clear that the lawmakers are not interested in creating regulatory hurdles unnecessarily.

#EuropeanParliament just voted & supported a resolution calling for an open minded & #innovation friendly regulation on #DLT & #blockchain . 👍 job @EvaKaili ! Now it’s #EuropeanCommission ‘s turn. Before the vote we had a great debate. A replay of my speech

— Antanas Guoga (@TonyGuoga) October 3, 2018

EPP Group MEP Antanas Guoga thinks that any such attempt could only obstruct blockchain technology development. The Parliament resolution has sought progressive, as well as, innovation-friendly regulation.

The region has already been encouraging the DLT as was evident from over Euro 80 million worth projects underway. By the turn of 2020, the European Commission would earmark Euro 300 million for blockchain technology. That is mainly because of its potential disruption in several sectors.

Few Intermediaries

The resolution author, MEP Eva Kaili, thinks that financial services are just one among the several sectors. He pointed out that the resolution has considered the impact of having only fewer intermediaries in sectors like healthcare, energy, education, public sector, and creative industries. At the same time, he wants to make sure that every effort is encouraged by legal actions and necessary institutional support.

MEP Antanas Guoga, who is also the founder of Blockchain Centre Vilnius t hinks that there are tremendous potentials for emerging technologies like artificial intelligence or DLT. He added,

“Now we just need not create unnecessary obstacles with over-regulation. Instead, we should encourage the learning process in our member states to learn about the potential of these new technologies through various initiatives.”

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