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The European Union and cryptocurrencies: the latest main events

11 September 2017 21:00, UTC

The European Union has invested more than €5 million in startup companies that either develop innovative blockchain solutions or research the possibilities of blockchain implementation. This investment was made as part of the Horizon 2020 initiative and will undoubtedly increase the speed of digitalization of the EU’s market.

Signaturin, Authenteg and The Billion Group have been chosen, and the Small and Medium-sized Enterprise Group (SME) in the European Commission believes that these companies will be able to provide good digital identification and payment services.

Finland, the member of the European Union, has other news on the topic. Its central bank researchers recently came to a conclusion that Bitcoin cannot be regulated, as the system is committed not to some organization or person, but a protocol. Transaction fees are not dependent on the miners and set by users. The authors of the paper state that this cryptocurrency has good means of manipulation protection.

Estonia, also a member of the European Union, has recently appeared in the digital currency-related news, as some members of its government seriously considered the development of the new Estcoin cryptocurrency. However, the recent statement by the European Central Bank representative clearly rejects this plan. The ECB does not want a new competitor to the euro, it appears.