EU and China spend millions on blockchain and AI

In recent years, the largest world economies have shown a special interest in blockchain and artificial intelligence. In particular, the European Union and China are ready to invest impressive funds in these technologies, not only for the sake of their development, but also for control.

In October 2018, the European Union expressed its readiness to study innovations in the field of digital assets. In particular, the European Securities and Markets Authority (ESMA) has promised that it will allocate 1 million euros for monitoring cryptocurrencies and fintech-related phenomena. However, the case was not limited to mere observation.

In early January 2019, the European regulator proposed the creation of general rules for cryptocurrency regulation by publishing recommendations on ICOs and cryptocurrency assets. And on September 13, it became known that the European Commission was working on the new methods creation for monitoring cryptocurrencies, as it sees not only a great opportunities, but also risks for the financial system.

Final flourish has been the declaration of the formation by EU regulators a budget created to fund innovations in the area of blockchain together with artificial intelligence. The budget was $ 400 million and next year this figure will increase.

After the statement of the Chinese leader (Xi Jinping) about his friendly attitude to the blockchain, a stir arose in the country around the technology of distributed registry. Since the president urged that the technology be promoted in every possible way, a special blockchain fund with a capital of $ 1 billion was created on November 18th. It was organized by Shenzhen HDFH, some other firms, Yillion Bank, local and international investors. It is assumed that the funds will be directed to the development of digital banks and proven fintech platforms.

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At the same time, China decided to “stimulate the development of high-tech innovation” by standardizing the blockchain. The China SAC (Standards Administration) has established a national standards committee for blockchain technology. In addition, several more technical committees have been established, working in various sectors of the economy. As a result, monitoring compliance with national standards will affect not only the blockchain, but also all related industries.

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