Five major European banks, including Spanish banking giant BBVA, received an invitation to join the International Association of trusted blockchain applications of the countries of the European Union (IATBA). The representatives of the Bank reported in an official press release.

It is expected that IATBA will begin work in the first quarter of 2019, and its launch will precede the launch of a thematic forum.

Notably, the names of the other banks involved in the initiative, not yet named, and a message from BBVA is the only one on this issue.

IATBA will develop protocols for and promote the blockchain technology at the international level. In addition to financial institutions Association will join representatives of the public and private sectors. Support from experts in the field of technology of the distributed registry will help them to contribute to the development of the EU strategy against the blockchain.

“The Association can play an important role in establishing best practices and standards of the blockchain and prevent the fragmentation and uncertainty of regulatory technologies at the European level”, — said the head of research and development of digital business BBVA Carlos Kuchkovsky.

The initiative was announced during the recent Brussels round table of the EU under the name “Association of industries in Europe to implement the technology of the blockchain”.

Recall that in early April more than 20 EU member States have signed the Declaration on the establishment of European partnerships in the field of blockchain technology, which intend to exchange experience and knowledge in technical and regulatory frameworks to prepare for the launch of a single EU application using the technology of distributed registry for the public and private sectors.

In the July report, the representatives of the European banking authority stated that the application of smart contracts and distributed technology registry when conducting cross-border transactions can solve many financial issues.

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