BBVA & Four Other Banks Join New European Commission Blockchain Association

in 2019, the European Commission, EU’s executive body, plans on launching a new blockchain association – the International Association for Trusted Blockchain Applications (IATBA).

Spanish banking giant BBVA as well as four other banks (not named in the official announcement) have already announced that they are on board IATBA, once it launches. This new European Association could be a legal entity as early as Q1 2019.

IATBA was announced at “Bringing Industries together for Europe to lead in blockchain technologies”, a EU blockchain roundtable event held on November 20th in Brussels, Belgium.

The BBVA said that the new association will try and gather support from blockchain experts who will help outline the EU’s strategic approach when it comes to the blockchain ecosystem.

The goal of IATBA will be to create protocols and guidelines for the blockchain industry and then promote these standards worldwide.

BBVA’s head of research and development for new digital business Carlos Kuchkovsky noted that the new association could have instrumental influence over the establishment of “blockchain best practices and standards and at avoiding fragmentation at a European level.”

Kuchkovsky also added:

Blockchain is not only a technology, but it engenders new business models creating a tokenized economy and paving the way to a decentralized economy in the future.

Currently, this part of the blockchain industry is shrouded in regulatory uncertainty however, Kuchkovsky believes that the European Commission’s initiative will certainly help provide more clarity surrounding the legal use of blockchain tech.