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Blockchain, Featured, News

European Blockchain Partnership Adds Ukraine As A New Observer

After Liechtenstein and Norway, Ukraine becomes the third non-European country to join the partnership. At present, the EBP consists of twenty-seven states to integrate its digital space. On June 17th, the digital transformation of the Ukraine ministry announced that Ukraine will join the EBP as an observer. The purpose of Ukraine is definite, to extend its highway blockchain network with various other countries. 

European Union has taken an initiative to develop and build a blockchain infrastructure for public services with the help o the European blockchain partnership. The primary focus of the EBP (European blockchain partnership) is to build the European Blockchain Services Infrastructure(EBSI). EBP helps to resist fragmentation of the blockchain database by facilitating a close alliance between countries under the European Union. 

A Regulatory Sandbox To Build EBSI

The partnership ensures interoperability and the vast use of blockchain applications and services related to it. The EBP provides a bureaucratic acquiescent environment entirely backed by the laws and government structure of the European Union, along with the models to help the technology flourish across the continent. 

Using the technology, the policymakers in Europe get first-hand knowledge of how the technology works, the industries where the application can be used, benefits and risks associated with it. EBP plans to work as both a regulatory and technological sandbox that will lead the people to better and informed regulations related to the technology. 

Also Read: HashCash to Develop Blockchain Ride-Sharing Solution for a European Company

How Can EBP Transform The Public Services Sector in Europe?

In recent times, Ukraine joined the EBP to make it more accessible and efficient for cross-country government services in Europe. 

The commissioner of Digital Economy and Society, Mariya Gabriel stated that the plan is to make the public service sector transform using blockchain technology. The technology is a huge opportunity for Europe and the member states to promote the protection of personal data and user protection, revolutionizing the entire information system. Thus, creating new business opportunities, leadership, user benefits, and public services and companies. 

Also Read: Bear Market Led Many Crypto Firms Cut Jobs, While Others Look For Feasible Growth

Ukraine’s Plan to Join EBP Since July 2021

The CEO and organizer of Virtual Assets of Ukraine, and Oleksii Zhmerenetsky the top of parliament gatherings, Blockchain4Ukraine, composed a letter to the leader of the EU, Ursula von der Leyen. The cross-line public administration in the light of blockchain technology will help Ukraine run a test hub for EBSI. During the Russia-Ukraine war, the digital currency has helped the country in various ways which have given rise to the adaptation of the technology in the public service sectors. 

Ukraine is planning to furnish its people with the cross-line administrations by associating with various blockchain associations including character qualifications, checking intrusive recognitions, and refuge enrollment and backing. Another intention of Ukraine is to join EBP as a chance to reattach its reinforcement with European Union. 

Zhmerenetsky focuses on the promotion of EBP by Ukraine attracting the benefits of blockchain association that will help to decrease the reports for advanced education and license for driving for the dispersed people of Ukraine around Europe. 

In Conclusion

The commissioner for Financial Stability, Financial Services, and Capital Markets Union, Mairead McGuinness shared the need for crypto resource management, whether the resources are not backed by an authorized entity or are something like stablecoins. EU has also shared its plans to consider the proposition of the French government through MiCA, to address the issues of market honesty, purchaser security, and monetary soundness.

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