EU starts the €1 Million Blockchain Task Force

News and Analysis

According to European Parliament budget amendments, the draft amendment was tabled by MEP Jakob von Weizsäcker of Committee on Economic and Monetary Affairs. He claims that effectuation will cost €1 million. 

Weizsäcker justifies the costs:

“More than one billion euros have been invested in DLT and regulators as well as legislators lack the technical expertise and capacity fully to understand the technology and its potentials. This can lead to harmful decisions: Too early hard regulatory measures would stifle innovation and hamper its potential. Waiting too long might lead to a materialization of (systemic) risks. Therefore, it is essential to build up sufficient regulatory capacities based on technical excellence.”

This Task Force will focus on supporting the governmental applications in the field of distributed ledger technology(DLT). The decision of adopting DLT was made earlier this year. However, there are still risks such as the legal uncertainty surrounding new applications of DLT.

Jakob von Weizsäcker explained:

“A Task Force specifically dedicated horizontally to monitor DLT and its applications could provide the expertise necessary properly to counter risks without stifling innovation by means of premature regulatory intervention. The Task Force should aim at identifying standards for best practice and developing stress tests for applications that are set to become systemic as well as developing use cases for the application of the technology. A horizontal approach would help to identify potentials and risks associated directly with the technology and would create synergies in the workflow.”

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