Specifically, within the next 4-year time frame, the economic union reportedly sets a target to establish proper regulation focusing on promoting blockchain and digital asset usage for international money transfers.
“By 2024, the EU should put in place a comprehensive framework enabling the uptake of distributed ledger technology (DLT) and crypto-assets in the financial sector […] It should also address the risks associated with these technologies.”
With insights showing that a majority of its population (80%) use paper money to support the finalization of transactions, the European Commission, the union’s governing body, is reportedly looking to make digital common become something more widely used, while trying to achieve instant transaction time.
The commission’s primary goal reportedly consists of a desire for an incline in data access, financial activities availability – and also plan to achieve increased efficiency along with everything else.
“By 2024, the principle of passporting and a one-stop shop licensing should apply in all areas which hold strong potential for digital finance”.
Within 2021, fast transaction avenues will likely take over.