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BBVA, 4 other banks sign EU blockchain app association

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Spanish Bank Banco Bilbao Vizcaya Argentaria (BBVA) said on November 22 that it has joined the European Commission's International Association for Trusted Blockchain Applications (IATBA).

Making the announcement on at an EU blockchain event, "Bringing industries together for Europe to lead in blockchain technologies," the bank added that four other banks have joined IATBA, and this association could transform into a legal body in quarter 1 of 2019. Although the identity of the rest of the banks has not been disclosed, Expansion has reported that Santander is one of the four banks.
The BBVA said that the association will comprise of representatives from the public as well as private sector. The objective of the association is to "garner support from private blockchain and [distributed ledger technology] experts to contribute to outline the EU's strategy regarding these technologies," the Spanish banking giant added.

Carlos Kuchkovsky, BBVA's head of research & development for new digital business, stated that the association could contribute significantly to "establishing blockchain best practice and standards and at avoiding fragmentation on a European level."

The association has been formed to establish protocols and guidelines for the blockchain-based industry, while also aiming to advance European Union's blockchain standards at an international level.
Carlos Kuchkovsky, BBVA's head of research & development for new digital business, stated that the association could contribute significantly to "establishing blockchain best practice and standards and at avoiding fragmentation on a European level."

Speaking on the ambiguity of blockchain, Kouchkovsky added that the move will also address the concerns of "regulatory uncertainty."
"Blockchain is not only a technology, but it engenders new business models creating a tokenized economy and paving the way to a decentralized economy in the future," he said.

"Blockchain is not only a technology, but it engenders new business models creating a tokenized economy and paving the way to a decentralized economy in the future," he said.

In April, the European Blockchain Partnership (EBP) was created by the European Commission, which comprised of 27 members. The EBP will assist in delivering cross-border digital public services.

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