BBVA And Santander Become Members Of EU Blockchain Association
The Spanish banks BBVA and Santander have become participants of the International Association for Trusted Blockchain Applications (IATBA), Cointelegraph reports citing the Expansion newspaper.
Employees of these major banks were invited to participate in the meeting devoted to blockchain, which was held with senior officials working in the field of innovative digital technologies.
During this meeting, the officials reported that the work of the association would begin in Q1 2019. Its chief goal will be the development of regulatory norms for blockchain and the introduction of decentralized applications in the EU countries.
BBVA and Santander were among the first five banking institutions invited to join IATBA. Other association members are to be announced.
IATBA is an initiative of the European Blockchain Partnership for the blockchain study and development, which includes representatives from 27 EU countries. The organization intends to create a European infrastructure based on DLT with the support of international digital services, applying high standards of safety and data protection.
The BBVA bank has been committed to using blockchain technology in its work for a long time. In June 2018, the financial institution and the energy company Repsol began the cooperation, during which various blockchain technologies were tested, in particular, those applied in Hyperledger and the Ethereum network.
Earlier, BBVA issued the first syndicated loan on blockchain together with partners.