By 2024, the European Union (EU) plans to include cryptocurrencies and blockchain technology in its core processes. According to the leaked documents released by Reuters on Friday, over the next four years, the economic union will strive to improve and consolidate new rules, to facilitate the use of the blockchain and digital assets in its international money transfers.
By 2024, the EU is to create a comprehensive infrastructure that will enable the implementation of the distributed technology (DLT) and crypto activities in the financial sector. It is also necessary to consider the risks associated with these technologies.
Having found that almost 80% of the population of the Union still makes transactions with the use of paper money, the European Commission wants to make digital payments more common and try to reduce the time of transactions.
The stated objectives of the commission include the drive to improve data availability and financial performance, all within the framework of the performance improvement program.
By 2024, the legalization and licensing according to the principle of “one window” should be applied in all areas possessing a significant potential for the use of digital finances, – is noted in the docs.
Reuters added that the next year, most likely, will bring more opportunities for the implementation of fast transactions.
Although the COVID-19 pandemic has accelerated the use of digital payments around the world, the blockchain and crypto-assets, for the time being, are a source of contradicting opinions and discussion. In addition, many countries are raising the issue of using digital currencies of the central bank to optimize their payment infrastructure.
