The European Union (EU) seems to be making plans to incorporate both crypto and blockchain technology into its main processes. It is revealed that the union is aiming to bring fresh regulations over the next four years, which will help them promote the use of both blockchain and digital assets particularly for international money transfer.
It has been stated that by 2024, the EU will be able to bring a comprehensive framework. Through this, they will be able to bring the Distributed Ledger Technology (DLT) and crypto assets to the financial sector. Along with this, the union will also need to address all the risks which are associated with both blockchain and crypto.
According to the recent findings, it has been noticed that around 80% of the population is using paper money. This is the reason why the EU is aiming to make digital payments common for the people. Along with this, they are also aiming to improve the transaction time so that the process will become fast and convenient.
The European Commission report ahs also revealed that they are aiming to increase the data access. Along with this, they also aim to increase the availability of financial activities while increasing the overall efficiency.
Due to the COVID-19 pandemic, it has been seen that people across the world are preferring digital payments in order to maintain the social distancing and process the contactless payments. Not only the public, regulators across the world are also considering blockchain and crypto very actively. A lot of countries are also planning or working to launch the central based digital currency (CBDC). This recent news of EU making plans to incorporate blockchain and crypto is another sign that the world is moving towards digital payments infrastructure.