Belgium has announced its plans to fast-track the development of a European blockchain infrastructure during its upcoming presidency of the Council of the European Union in early 2024. The government aims to create a secure platform for storing official documents, such as driving licenses and property titles.
Accelerating Blockchain Development
As part of its presidency, Belgium has identified four key priorities, one of which is the development of a public blockchain for pan-European infrastructure. Mathieu Michel, Belgium's Secretary of State for Digitization, stated that the country aims to reboot the European Blockchain Services Infrastructure (EBSI) project, which was initiated by the European Commission in 2018. The project, now renamed Europeum, would be used for various public administration tasks, including verifying driver's licenses and other documents across the EU.
A European Project for Increased Security and Privacy
Michel emphasized the importance of using a public blockchain developed by EU member states rather than private alternatives. He believes that the blockchain technology can enhance security, transparency, and privacy, giving citizens control over their own data. Italy, Croatia, Poland, Portugal, Slovenia, Luxembourg, and Romania have already committed to the Europeum plan, with Belgium hosting the project's headquarters.
Regulatory Progress in the Crypto Space
The move towards regulatory consolidation in the crypto and blockchain industry continues to gather pace. In November, 47 national governments pledged to swiftly adopt the Crypto-Asset Reporting Framework (CARF), an international standard for the automatic exchange of information between tax authorities, into their domestic law systems.
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