Aaron Farrugia, the European Union’s Parliament Secretary in charge of Blockchain and Artificial Intelligence funds is confident that Malta will immensely benefit from the plan. The EU incentive strategy seeks to fund research, project implementation, and development of Blockchain and AI services. Speaking to MaltaToday, the EU leader was responding to an allegation of Malta missing out on the money by Peter Agius, a nationalist MEP candidate in the forthcoming elections.
The politician who is also a Head of Unit in Cabinet and a former head of the European Parliament Information Office in Malta had said that Malta could miss out on the €2.5 billion AI fund. This is part of the broader €9.2 billion fund programme for digital projects in the European Union.
Blockchain And AI Are At The Center Of EU’s Funding Plans
According to Aaron Farrugia, the European Parliament in Strasbourg is planning to fund Blockchain and Artificial intelligence projects in the 2021-2027 budgetary allocations. The funds are expected to incentivize developers of Blockchain based solutions for every-day inefficiencies in the 27-member state region.
This plan will be critical in ensuring that the EEA becomes a leader in digital projects that are disrupting the entire global industries. Contrary to widespread belief, the money will be channeled to private developers rather than governments. It will be issued on a merit basis to ensure that sound projects receive financial assistance on their roadmaps to success. However, the competition will be at state level and that is where the Maltese politician seemed to have drawn his deductions.
Maybe, the small size of Malta would make the country to aggregately receive lesser funding than large members states such as Italy, France, Germany, or Poland. But it is evident that Malta will be among the largest per capita recipients given the Blockchain friendly environment and laws that foster mass adoption of DLT-based solutions.
However, The Next EU Budget Is Yet To Be Deliberated In Strasbourg
The EU government official adds that agreements about the €9.2 billion funding for digital projects have been agreed upon at council level by the 27 members. The council of ministers and the European Parliament are also in support.
The EU is on a mission of repositioning itself globally in AI and Blockchain adoption. The aim may be to keep up with stiff competition from the US, Japan, China, South Korea, and India that have been implementing cutting-edge projects that threaten the prominence of Europe in regards to digitalization and AI.
Nonetheless, Peter’s Concerns Are In Good Faith
Farrugia notes that Peter’s concerns may have to do with the fact that the earliest funding for Maltese Blockchain and AI project may seem too far away as the first remittance is expected on 2021 the earliest.
From a different perspective, Malta has been supporting Blockchain technology adoption for Cybersecurity, AI, and digitalization through government policies. Positive regulation has been known to be the key to the advancement of Blockchain technology and Cryptocurrencies. President Donald Trump of the US recently appointed a Crypto friendly head commissioner-Jay Clayton. This is a step in the right direction for Blockchain and Cryptocurrency industry.