The news that the EU has suddenly changed its stance on cryptocurrencies came as a surprise to investors. The fact is, the European Union is going to invest about a fifth of the region’s €750 billion pandemic recovery fund in digital technologies. EU Commission President Ursula von der Leyen announced these plans when addressing the European Parliament. According to her statement, the EU officials are planning to launch a multibillion-euro project with a focus on blockchain (distributed ledger for recording crypto transactions), data infrastructure, and high-performance computing. Yet, the European Commission did not reveal how much it would spend on each technology area. The EU Commission President noted that this initiative was part of a large-scale plan to push the bloc towards developing advanced technologies and manufacturing semiconductors. This sector may be even more crucial for the region than blockchain since a global shortage of semiconductors amid the coronavirus pandemic has affected several industries worldwide and forced carmakers to slow production. The EU Commission also intends to direct funding in such areas as 5G communication, digital innovation, and secure quantum communication (communication network that uses the laws of quantum mechanics to protect transmitted data). This is a good clue for investors about promising sectors to watch. What is more, the EU is planning to support the development of people's digital skills amid a rapid technology advancement.
