EU decides to invest $177b in emerging technologies, including blockchain

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Sep 16, 2021
  • The EU is finally focusing on emerging technologies as part of its plan to help the economic recovery.
  • Recent reports claim that the EU countries agreed upon putting aside $177 billion for emerging tech.
  • So far, it is not known how much will be granted to each sector, or when the funds might be distributed.

Blockchain and other emerging technologies are attracting the interest of the entire world as developers are learning how to combine them, improve them, and create new solutions out of them that will make humanity’s lives better.

Naturally, with the great potential of these technologies, even the world’s biggest forces, such as the EU, are reportedly looking into ways of supporting them. The EU, specifically, is supposedly planning to offer a massive investment of $177 billion. Not all of it is going to the blockchain, of course, but a sizable portion of the amount likely will.

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The rest of it will be distributed across a variety of sectors, including 5G, data infrastructure, quantum computing, and more.

The investment fund represents 20% of the 750 billion EUR ($886 billion) stimulus package, which the EU leaders agreed upon when they discussed kickstarting the economic recovery damaged by the effects of COVID-19. This meeting took place in July 2020, and the EU is finally moving to realize the decisions that its members made over a year ago.

Digital technologies are crucial for the entire region, says the European Commission

The President of the European Commission, Ursula von der Leyen, recently spoke about the importance of investing in digital technology, stressing that it is crucial for the entire region. However, the officials have agreed that they need to be careful so that incidents such as the semiconductor shortage do not get repeated, as they could affect industries across the globe.

As mentioned, this first round of investing will affect a number of different sectors, although it wasn’t specified how much of the amount will be invested in any individual sector.

What is known, however, is that earlier this month, the Iota Foundation and six other firms were chosen to support the creation of the European Blockchain Services Infrastructure. The companies that were selected have received the best scores, but only one will be accepted in the end, once a few more rounds eliminate those that are deemed not good enough for any reason.

Also, with the world rushing to bring regulations for crypto, it is rumored that the US and EU might soon start a collaboration in order to achieve this very goal.

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