Decentralized Technology Such As Blockchain “Provides More Security” Says Member of European Parliament

Malta Blockchain Summit

Metsola, a Maltese politician, was present in her crypto friendly country’s Malta Blockchain Summit this Friday (November, 2nd). While addressing the summit, she told that the European Parliament was interested in the rising blockchain industry and its accompanied cryptocurrencies. She also said that blockchain technology is all about “essentially increasing trust” and that it gives “more peace of mind”. She told the audience that issues of decentralized industry is something that the European Parliament is seriously looking into and many members want adoption of the technology in real life applications.

The politician called for a more cautious approach towards blockchain and crypto technology in terms of regulations. With the technology creating a whole new industry that is thronging, yet nascent, she expressed that it needs very “specific legislations” that must be enforced “at the right time.”

The Maltese parliament has recently passed a blockchain and crypto legislationin July. Metsola expressed that it was a “good step forward” and that the government needs to “remain adaptable and on our toes.”

EU Getting Serious

In recent times, a lot of European Union members, such as Malta, are getting serious about the decentralized technology. In April, major members of the Union signed up to create the European Blockchain Partnership.

Through this initiative member states hope to make cross border services like logistics, regulatory reporting and trade to become more transparent, efficient and faster.

The European Securities and Markets Authority (ESMA) has recently funded a campaignto monitor financial technology and digital assets in order to understand and make regulations that are universal across its member country’s money markets.