Seven Southern EU nations recently signed an MoU to work closely together on emerging technologies such as AI, the blockchain, and cryptocurrency. The seven nations signed a preliminary agreement at the South EU Telecommunications Summit, which took place in Malta. Ministers and junior ministers represented the seven nations of Greece, Cyprus, Spain, France, Italy, and Portugal at the summit.
About the Mou
According to a government official attending the summit, the MoU is a follow up to a 2018 declaration. At the time, the seven nations agreed to promote the adoption of the blockchain in Southern Europe. The nations agreed to work together to make the region a leader in the sector. This MoU intends to maximize the potential that these technologies hold. The end goal is to help improve the living standards of the people in the region.
This commitment is already being implemented in the education sector. Today, education certificates are stored on the blockchain. Today, anyone who needs a copy of the A or O level certificate can get it immediately instead of having to apply via educational authorities.
The official also discussed the use of AI in processing applications at the Registry of Companies. He said that this would be rolled out later this year. With the use of AI, it will be possible to submit applications 24/7. There will also be a preliminary screening of the documents to ensure all data needed is supplied. As a result, this will speed up the process.
He also said that by working together, it would speed up the advancement of these technologies. In closing, he noted that they soon plan to target the processing of personal details next using these technologies. The MoU calls for the establishment of a group of experts who will look into the technical aspects of pilot projects in the seven EU states.
Malta Cryptocurrency ( The Crypto Capital )
For many years, Malta has been famous for its casinos. However, it is not actively working to become the king of the blockchain. This latest MoU signing is in large due to efforts from the tiny nations. The nation has set its eyes firmly on the blockchain.
As part of its effort to promote blockchain tech, the nation has come up with favorable legislation to help the industry grow. In 2018, the nation passed three laws that were intended to help the industry thrive. Additionally, the nation charges very little tax, which is great for a crypto startup. This makes the nation one of the best locations for any company that wants to join the blockchain industry. Besides that, it has become the go-to nation for blockchain events. Each year, some of the largest summits in the blockchain world are held in Malta.
The nation fully recognizes the potential that the technology offers. In line with this, the Malta Stock Exchange established a blockchain committee. This committee has the role of creating a strategy to address the blockchain.
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