- The head of the European Blockchain Unit mentioned the challenges of deploying blockchain technology are firmly associated with the context, application, and sectoral issue.
- He also mentioned that there are still many challenges ahead of the European Union (EU) in establishing Blockchain solutions.
It is crystal clear that the European Union sees the potential of blockchain technology and the advantages of using it can be very beneficial to all. Even though they realize this, its recent reports warn that there are still many challenges in establishing Blockchain solutions.
Peteris Zilgalvis is the head of the European Commission’s Digital Innovation and Blockchain Unit which is in-charge of looking out for the Blockchain and Digital Currency sector. Born in America, he is a renowned political scientist and a lawyer under the Bar of California. He said that the challenges of deploying blockchain technology are firmly associated with the context, application, and sectoral issue.
EU’s Viewpoint on Blockchain
According to sources, he has asserted the fact that the Commission is not intending to regulate unless there is a clear reason to do so. Further, he commented on the overall approach to blockchain solutions saying that the Commission would not rush in and make any hasty decisions.
He put forth an example to clarify his statement. He said that if they supported the investment and infrastructure of AI, blockchain, IoT, and 5G then they wouldn’t regulate blockchain. Basically, the Commission wouldn’t intervene unless prompted to do so.
Blockchain future in the EU
When asked about the long term development of Blockchain in the EU, Peteris gave a very optimistic answer stating that the situation was healthy at the moment.
Peteris Zilgalvis also stated that they would focus their attention on higher-level i.e. in the applications of blockchain-like tokenization products. However, he clarified it once again that they would emphasize waiting to be sure of what is needed before taking any action.