7 Southern EU Nations Unite to Take Lead on Blockchain Adoption

Seven EU member nations have come together to promote the use of blockchain tech to boost government services and economic well-being.

The southern European states - France, Italy, Spain, Malta, Cyprus, Portugal and Spain - signed a joint declaration on Tuesday to promote the adoption of blockchain in the region in order to "Transform" their economies.

Blockchain can be a "Game changer" in increasing the efficiency and transparency of government services, from education and healthcare to transport and customs, the group said in the document.

"We believe that any legislation on Distributed Ledger Technologies should take into account the decentralized nature of such technology and should be based on European fundamental principles and technological neutrality. It should also allow innovation and experimentations in order for the public and private sector to better understand the Distributed Ledger Technologies and to develop usecases".

Silvio Schembri, Malta's parliamentary secretary for digital economy, financial services and innovation, tweeted.

On Tuesday, stating he is "Proud" to see Malta, the smallest nation in the EU, taking a "Leading role" on blockchain cooperation.

‏Malta has already taken several initiatives toward becoming a self-titled "Blockchain Island." Back in June, the nation's parliament passed.

Three cryptocurrency and blockchain related bills, and have since been attracting notable crypto businesses to set up shop.

While the EU has not yet moved to regulate blockchain technology across the region, it has launched initiatives aimed to investigate and trial the tech.

The launch of a new blockchain association with five major banks on board, including Spain's BBVA. That initiative is aimed to develop guidelines and protocols for the blockchain industry, as well as to promote the EU's blockchain standards internationally.