The European Commission is making its way into the blockchain ecosystem by developing a blockchain association. With interest from multiple banks, the European Commission is looking to launch the new blockchain association some time next year. Currently, the project is called the International Association for Trusted Blockchain Applications (IATBA).
The recent event “Bringing industries together for Europe to lead in blockchain technologies”, was a European blockchain roundtable, held in Brussels on November 20, 2018, was the platform that the commission announced the new project.
According to a recent announcement, the major Spanish bank, BBVA, has joined the future association, along with an assumed four other banks. According to the Spanish bank, the “new association will have representatives from both public and private sectors with an aim to “garner support from private blockchain and [distributed ledger technology] experts to contribute to outlining the EU’s strategy regarding these technologies, ”
The plans of the commission is to see IATBA become a legal entity in the beginning of 2019. This will allow the association to develop guidelines for the nascent blockchain industry.
The BBVA’s head of research & development for new digital business, Carlos Kuchkovsky, speculated that the association could have an important role to play in terms of “establishing blockchain best practice and standards and at avoiding fragmentation on a European level.”