EU officials plan to invest in blockchain, data infrastructure, 5G, and quantum computing

Reports say that EU officials will invest a big amount of funds in the technology sectors and blockchain will be also part of it. 

In The present time crypto and blockchain adoption is Increasing rapidly. On one side financial institutions are doing research on blockchain based financial infrastructure, on other sides government authorities are planning to make use of blockchain based technology in more profitable ways. 

According to a Bloomberg report, EU officials will invest a big amount in the technology sectors of the European Union regions. The main areas of the Investment are blockchain, data infrastructure, 5G, and quantum computing, among others.

The total amount of Investment is around $177 billion. And this amount is a part of a package agreed upon by EU leaders back in July 2020 to kickstart economic recovery of the ongoing COVID-19 pandemic in the EU. Here $177 billion is only 20% of the 887 billion stimulus package.

On Wednesday, the President of the European Commission, Ursula von der Leyen, emphasized on the need of Investment in the technology sector.

It will be worth to note here that most of the Investment will go for the chip manufacturing company because in the present time costs of the chip is Increasing and most of the countries which supply the chip, claim that it is the impact of the Covid-19 pandemic diseases. 

Read also: Bitcoin Miners May Face Major Semiconductor Shortage because of surge in chip price

According to experts, the blockchain technology industry is a biggest sector and that can give a better shape for the EU in terms of technological advancem, that is why EU officials are making region-wide legal standards to prohibit regulatory fragmentation.

Rea also: SkyBridge raises funds for Algorand fund and files for crypto company ETF