EU Established the International Association for Trusted Blockchain Application (INATBA)

A representative of Cointelegraph attended the launching ceremony of the European Commission in Brussels on the same day. The Representative stated that more than 100 members who signed the Charter included well-known companies such as IBM, Accenture and Deutsche Telekom. Related members of the blockchain include Iota, Ripple, ConsenSys, and the Sovrin Foundation.

According to the announcement, INATBA aims to bring together industry start-ups, small and medium-sized enterprises (SMEs), regulators and standards-setting bodies to mainstream blockchain and distributed ledger technology (DLT).

At the ceremony in Brussels, EU Digital Economy and Society Commissioner Mariya Gabriel said the EU has been working to promote the development of the blockchain. She said:

In today’s economy, there is less and less time to build trust in the way it happened in the past. To fight cancer, to balance renewable energy, to trace the authenticity of goods, actors must be able to trust one another without meeting face-to-face. And how can we achieve this? Of course, with the help of blockchain.

The article published by the agency also pointed out that the new organization is willing to promote the use of decentralized technology by establishing a special regulatory framework. It refers to:

INATBA aims to develop a framework that promotes public and private sector collaboration, regulatory convergence, legal predictability and ensures the system’s integrity and transparency.

It is worth mentioning that at the ceremony of the day, another 48 organizations also applied to join the organization on the day of launch.

As Cointelegraph reported in January this year, the European Banking Authority (EBA) recommended further research on cryptocurrencies, and will work on the field in 2019 and develop a document that focuses on "EU law on crypto assets. Applicability and applicability".

Also in January, a member of the European Central Bank (ECB) Management Committee warned that "the (cryptocurrency) bubble has begun to burst."