Seven EU member countries formed an alliance in Brussels to promote blockchain technology. This initiative, known as blockchain innovation in region, aims to boost economic growth and improve government services.

On Tuesday, Dec 4, the southern European nations signed a joint communiqué to support blockchain adoption. The goal is to transform their economies. The members—France, Malta, Italy, Spain, Cyprus, Greece, and Portugal—committed to collaborate and become a leading region in this sector.

The declaration explains the reason for this move: “Blockchain can be a game changer. It can increase efficiency and transparency in government services, including education, healthcare, transport, and customs. It can also improve accountability and privacy for citizens.”

“This will enhance e-government services, increase transparency, reduce administrative burdens, improve customs collection, and provide better access to public information.”

Malta Leads Blockchain Innovation

Furthermore, the communiqué addresses future regulation in the region. It states, “Any legislation on Distributed Ledger Technologies should consider the decentralized nature of the technology. It should be based on European fundamental principles and technological neutrality. The law should also allow innovation and experimentation. This will help both public and private sectors better understand Distributed Ledger Technologies and develop use-cases.”

Malta’s Parliamentary Secretary for Digital Economy, Innovation and Financial Services, Silvio Schembri, shared on Twitter that he is “proud” to see Malta take a “leading role” in blockchain adoption in Europe.

Malta, known as the “Blockchain Island,” has taken several actions this year to earn that title. In June, the country’s parliament passed three blockchain-related and cryptocurrency bills. These laws aim to attract promising crypto startups.

It is hoped that Malta’s efforts will lead to widespread blockchain adoption across Europe. Currently, the EU has several projects focused on researching and experimenting with blockchain technology.

In conclusion

Blockchain innovation in region is gaining momentum as seven southern European nations have released a joint communiqué detailing their resolve to promote the use of blockchain technology in the region. They believe this technology could be a “game changer” for the economic bloc. The countries involved in this initiative are Malta, Cyprus, Spain, Portugal, Greece, Italy, and France.

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