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The European Union parliament has given a thumbs up to a pilot program for securities issuance and trading through blockchain technology set for the next five years.
Source: Coindesk
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Legislators in the European Union have praised the move as a way to put the bloc ahead of the curve in innovative technology.
The new measure is a proposal of the European Commission and seeks to give EU members an opportunity to try crypto applications that are otherwise prevented by the existing policies.
Parliamentarian Johan Van Overveldt says that it is crucial that financial policies in the commission are open to new technology that has the potential to secure the markets.
Van Overveldt has cautioned the steering teams that the solutions that may work in the pilot phases may not work on a larger scale and must be thoroughly scrutinized.
The strategy, which is expected to be passed into law, is a move supporting innovation by the legislators who are also seeking to end anonymity and mitigate the effect of the proof-of-work mining.
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