BBVA and Santander Be part of EU Joint Blockchain System Established to Start in 2019

Banking groups BBVA and Banco Santander have joined the E.U. Worldwide Affiliation for Trustworthy Blockchain Applications (IATBA), Spanish economic newspaper Enlargement writes Nov. 20.

The reps of two Spanish banking teams had been invited to an E.U. blockchain roundtable held in Brussels by Mariya Gabriel, the commissioner for Electronic Economy and Society, and Roberto Viola, director of the E.U. Department of Communications Networks, Articles and Technological know-how.

In accordance to a BBVA press launch, through the assembly  E.U. officials disclosed that the IATBA will start in the initial money quarter of 2019. The key purpose of the affiliation is to create E.U. blockchain regulation, alongside with planning the start of E.U.-wide blockchain applications.

In accordance to Expansion, BBVA and Santander are among the initial 5 banking institutions invited to join IATBA. The other members of the association have not yet been disclosed.

IATBA is an initiative promoted by the European Blockchain Partnership — a collaboration of 27 E.U. international locations, such as British isles, France, Germany, Sweden, the Netherlands and Eire. As Cointelegraph previously documented, the states cooperate to establish “a European Blockchain Providers Infrastructure that will help the supply of cross-border electronic public companies, with the maximum criteria of stability and privateness.”

Although the CEO of BBVA has formerly pointed out some of the issues and limitations of blockchain technologies, the organization has presently tested quite a few blockchain remedies. In June, the bank partnered with Spanish vitality corporation Repsol to exam unique blockchain technologies, particularly Hyperledger and Ethereum.

Most a short while ago, BBVA carried out a $150 million personal loan on a personal blockchain network by means of a group of three funding financial institutions including French banking team BNP Paribas and Japan’s financial institution keeping Mitsubishi UFJ Economic Team (MUFG).

Santander is also interested in decentralized technologies. In July, it joined IBM’s Blockchain System alongside with 4 other banks, and established a investigate team to investigate the use of blockchain in securities trading.

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