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Romania still not confident about Blockchain Technology, EU ready to spend 340 million in next two years

Feb 17, 2018 Posted /  5109 Views

Romania still not confident about Blockchain Technology, EU ready to spend 340 million in next two years

According to a Romania’s Non-Profit organization, Initiative for Competitiveness (INACO) the government of Romania is not taking any initiative towards the adoption of Cryptocurrency and Blockchain Technology. On the other hand, European Commission has allocated resources for the promotion of the technology and project.

In an interview with crypto vest, a representative of INACO shared information that European Commission has announced to spend an amount of 340 million in two years of time span i.e. from 2018 to 2020. In total, the commission has initiated 8200 blockchain technology-related projects and out of it, 0.8% will be accounted by Romania, which computes 65 undertakings.

To track a record on the development of the latest technology projects, the European Union has assigned a Blockchain Observatory and Forum. The Forum will work as a center for the promotion of European employees in Blockchain field.


The European Commision is aware of the potential output of Blockchain Technology in the field of Administration, Business and Management. The commission is considering Distributive Ledger Technology as a strong tool for Financial Operations.

Till now the European Union has passed 83 million for research and innovation purpose of the project, Horizon 2020. The operators are planning to test the latest technology for international payments, Tax recording, Medical records Management, ID Management etc.

Talking at the Global level, till now Joint capital firms have invested 1.2 Billion Euros in Distributive Ledger Technology and 1100 companies are indulged in the above-mentioned operations, 300 out of them are European Organizations.

“Even if some entrepreneurs have observed the huge potential for innovation and fundraising, there is no initiative at the government level, although the impact would be major. Blockchain would help us overcome the shortcomings of centralized power structures and the lack of modernized infrastructure […]. The technology would reduce risk and fraud by facilitating much better control over monetary policy and taxing,” -  INACO

In the fast-growing arena where various countries are welcoming Blockchain Technology, in such situation Romania is acting as a Dawdler. Entrepreneurs of Romania have acknowledged the potential of Blockchain Technology and its capability of decentralizing power structure and reducing risks of fraud. But due to lack of interest on part of the government, no major step has been taken.

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