The European Union or European Union plans to include crypto and blockchain technologies in major operations by 2024.

Over the next four years, the economic union is seeking new rules that will facilitate the use of blockchain and digital assets for international transfers, according to internal documents released by Reuters on Friday.

Description of documents:

“By 2024, the European Union must create a comprehensive framework that will enable Distributed Ledger Technology (DLT) and cryptocurrencies in the financial sector […]. The risks associated with these technologies must also be eliminated.”
The European Commission, the bloc’s governing body, will discover that nearly 80% of the population trade in paper money and want digital payments to become more prevalent while striving to reduce transaction times, Reuters explains.

The commission’s stated goals include seeking to increase access to data and availability of financial activities – all with the goal of increasing efficiency. According to the documents, by 2024, the principle of passports and licenses in accordance with the principle of one window will be applied in all fields that have great potential for digital finance. Reuters added that next year is likely to take on fast transaction paths.

While the COVID-19 pandemic could accelerate, the European Union or the European Union are planning to include crypto and blockchain technologies in key operations by 2024.

Over the next four years, the economic union is seeking new rules that will facilitate the use of blockchain and digital assets for international transfers, according to internal documents released by Reuters on Friday.

Description of documents:

“By 2024, the European Union must create a comprehensive framework that will enable Distributed Ledger Technology (DLT) and cryptocurrencies in the financial sector […]. The risks associated with these technologies must also be eliminated.”
The European Commission, the bloc’s governing body, will discover that nearly 80% of the population trade in paper money and want digital payments to become more prevalent as it strives to reduce transaction times, explains Reuters.

The commission’s stated goals include seeking to increase access to data and availability of financial activities – all with the goal of increasing efficiency. According to the documents, by 2024, the principle of passports and licenses in accordance with the principle of one window will be applied in all areas that have great potential for digital finance. Reuters added that next year is likely to take on fast-track transactions.

While the COVID-19 pandemic may accelerate the push for digital payments globally, blockchain and cryptocurrencies have been the talk of the regulated city, and many countries are turning to central bank digital currencies to improve their payment infrastructure, and blockchain and cryptocurrencies have been the talk of the city. Regulatory, and many countries have switched to central bank digital currencies to improve payment infrastructure.

Source: CoinTelegraph

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