European Politicians Consider Developing Own Blockchain

UTC by Ibukun Ogundare · 3 min read
European Politicians Consider Developing Own Blockchain
Photo: Mathieu Michel / Facebook

The MiCA law focuses on the management and strict rules for crypto asset service providers.

The Secretary of State for Digitization in Belgium, Mathieu Michel, revealed that European politicians are considering building their own blockchain after the landmark crypto law. Politicians are exploring ways to attract Web3 businesses, and a blockchain could be the answer. Speaking to CoinDesk in an exclusive interview, the Belgium minister said that the new “Europeum” blockchain would respect privacy. 

According to Michel, the blockchain could serve multiple purposes. He explained that it could help record professional qualifications, driving licenses, along with property ownership. Also, the blockchain would fulfill its designed services while complying with the European Union’s high regulatory norms. 

The European Union has proposed the Markets in Crypto Assets (MiCA) regulation. The MiCA law focuses on the management and strict rules for crypto asset service providers. If the law eventually passes, it would be the world’s first major administration with an explicit crypto framework. However, Michel believes that implementing the rules is just the beginning and urges European politicians to take a step further. He encourages the bloc to consider “a blockchain network constructed around the foundational values” that promote the European community. 

“Imagine you have Europeam- the blockchain that contains a whole series of conditions for protecting private life and so on, which are very transparent.”

European Blockchain

He added that it would target digitizing education certificates and administrative documents. In the minister’s opinion, the bloc could work in data privacy, a high European standard. Michel also pierced Ethereum’s level of transparency as excessive. In addition, the Belgium Secretary of State for Digitization also noted that companies could organize their supply chains utilizing Web3. He is of the opinion that this next generation of the web could assist the government in offering public services. He specified that he aims to make Belgium a hub for Web3 activities.

The minister already launched Blockchain4Belgium last month. On February 20, Blockchain for Belgium was unveiled, while its inaugural launch event is scheduled for March 30. According to the website, the blockchain aims at positioning Belgium, including its region in the European and global Web3 and Blockchain landscape.”

However, there are certain challenges, such as Europe can not easily generate funds like the US. This is a major setback for the technological plans, making it a less attractive destination for any kind of startup. Considering the federal structure in the country, Michel does not have power over key policies that could promote its web3 vision. Instead, executives in the regional government or the finance minister Chrisitan Democrat Vincent van Peteghem. Meanwhile, Michel says the people in power do share the same belief as him about Web3. 

Nonetheless, Belgium boasts of some blockchain projects like Datavillage, Solid, and Settlemint. 

Blockchain News, Cryptocurrency News, News
Related Articles