European politicians are considering developing their own blockchain

The Secretary of State for Digitization in Belgium, Mathieu Michel, revealed that European politicians are considering building their own blockchain after the landmark crypto law. Policymakers are exploring ways to attract Web3 businesses, and a blockchain could be the answer. Talking to CoinDesk in an exclusive interview, the Belgian minister said that the new “Europeum” blockchain would respect privacy.

According to Michel, the blockchain can serve several purposes. He explained that it could help register professional qualifications, driving licences, along with property rights. In addition, the blockchain will fulfill its designed services while complying with the EU’s high regulatory norms.

The European Union has proposed the Markets in Crypto Assets (MiCA) regulation. The MiCA Act focuses on governance and strict rules for crypto asset service providers. If the law is eventually passed, it will be the world’s first major administration with an explicit crypto framework. However, Michel believes that implementing the rules is only the beginning and encourages European politicians to take a step further. He urges the bloc to consider “a blockchain network built around the fundamental values” that promote the European community.

“Imagine you have Europeam – the blockchain that has a whole series of conditions to protect privacy and so on that are very transparent.”

European blockchain

He added that it would target digitization of educational certificates and administrative documents. In the minister’s opinion, the block can work with privacy, a high European standard. Michel also blasted Ethereum’s level of transparency as excessive. In addition, the Belgian Secretary of State for Digitization also noted that companies could organize their supply chains using Web3. He is of the opinion that this next generation of the web can help the authorities to provide public services. He specified that he aims to make Belgium a hub for Web3 activities.

The minister already launched Blockchain4Belgium last month. On February 20, Blockchain for Belgium was unveiled, while its first launch event is scheduled for March 30. website, the blockchain aims to position Belgium, including the region, in the European and global Web3 and Blockchain landscape.”

However, there are certain challenges, such as Europe not being able to easily generate funds like the US. This is a major setback for the technology plans, making it a less attractive destination for any kind of startup. Considering the federal structure of the country, Michel does not have power over important policies that could advance the web3 vision. Instead, leaders of the regional government or the finance minister, Christian democrat Vincent van Peteghem. Meanwhile, Michel says the powers that be share the same belief as him about Web3.

Nevertheless, Belgium boasts some blockchain projects such as Datavillage, Solid and Settlemint.

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