An executive from the institution tasked with overseeing European regulation is offering new praise for blockchain technology.
Tuesday, European Commission (EC) vice president Andrus Ansip went so far as to highlight distributed ledger tech, calling it one of "the areas where Europe is best positioned to play a leading role," with the caveat that the continent needs to invest much more in its technology sector.
During his opening remarks issued at the EC's Digital Day 2018 in Brussels, he further asked the EU to "commit to Europe's digital and data-based future."
He told attendees:
Ansip mentioned the EU's investment in blockchain, as well as in artificial intelligence and digital healthcare, the conference's other focus areas, and he made it clear that he believe the EU cannot provide sufficient funding on its own.
"We need hard cash," he said, imploring governments and the private sector to increase investments in Europe's tech sector.
Ansip's remarks come two months after the EC took a larger role in encouraging blockchain research.
Further, the EC announced that it will form a European Blockchain Partnership to "promote interoperable infrastructures," though no further details are available at this time.
More broadly, Ansip positioned the EU's investments in blockchain and other emerging technologies in the context of the Digital Single Market, with the goal of extending the EU's uniform regulatory structure to the technology sector.
Part of this push for standardization is the General Data Protection Regulation, which will govern the treatment of EU citizens' personal data beginning in May.
"The Digital Single Market creates the right conditions and infrastructure for a functional digital Europe," Ansip said Tuesday. "But none of this comes for free."
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.