The European Commission has invited five major European banks to join the International Association for Trusted Blockchain Applications (IATBA), headquartered in Europe.
According to the released report, one of these five banks is the Spanish largest bank BBVA. The IATBA will deal with the development of blockchain protocols and international promotion of this technology. This "publicly promoted initiative" will reportedly bring in contact "companies interested in exploring the potential of blockchain and distributed ledger technology".
The project was announced at the recent EU roundtable held in Brussels, which was aimed at discussing the cooperation of different industries in Europea regarding blockchain technology application.
This April more than 20 EU members signed a declaration of the European partnership for blockchain. The partnership targets joint development of a "trusted, secure and resilient European Blockchain Services Infrastructure" that may comply with the best standards in such areas as privacy, cybersecurity energy efficiency as well as come in line with EU rules.
BBVA representative commented on the initiative in the bank statement:
"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. "
The Association is said to be launched in Q1 2019.