The cryptocurrency industry suffered from a bloodbath in November, Bloomberg previously reported that cryptocurrencies have become mired in a nearly $700 billion total loss that shows few signs of abating. Nevertheless, efforts to adopt improvements and pushing the industry growth is seen with European Commission’s recent event, launch of a new blockchain association – International Association for Trusted Blockchain Applications (IATBA).
This initiative was announced at a Blockchain Roundtable called “Bringing industries together for Europe to lead in blockchain technologies” held by the commission on the 20th of November 2018 in Brussels, Belgium.
This association allegedly will promote interoperability between these technologies, develop sector-specific guidelines and protocols, promote EU standards to the world and provide information for the implementation of Europe’s blockchain strategy. And the association plans to set up as early as first quarter of 2019.
Banco Bilbao Vizcaya Argentaria (BBVA) previously announced on its official website that “BBVA is one of the first five banks invited to join a blockchain forum organized by the European Commission in Brussels to, subsequently, join the launch of IATBA. The purpose of this publicly-sponsored initiative is to garner support from private blockchain and DLT experts to contribute to outline the EU’s strategy regarding these technologies.”
Carlos Kuchkovsky, BBVA’s Head of Research & Development New Digital Business, emphasized: “It is an opportunity for Europe, which is positioned – with its current level of data protection and privacy management – to influence global standards.” and then he added: “Blockchain is not only a technology but it engenders new business models creating a tokenized economy and paving the way to a decentralized economy in the future.”
Although the outlook of cryptocurrencies remains bearish, the gesture underlies the determination of EU in the crypto industry competition.