EU Allocates $177B to Invest in Blockchain and Emerging Tech

The European Union (EU) is set to invest as much as $177 billion in revamping blockchain and the technology sector across the bloc as a way of easing some of the impacts of the coronavirus pandemic. As reported by Cointelegraph, the purpose of the fund will be to invest in emerging technologies such as data infrastructure, quantum computing, 5G, and blockchain technology amongst others.

The $177 billion is about 20% of the 750 billion euros ($887 billion) palliative funds agreed upon by EU leaders back in July last year. While the funds are notably set to be injected into the tech sectors that needed it, the details of the exact amount to be allocated were not unveiled. European Union President, Ursula von der Leyen highlighted the importance of investing in the region’s tech sector on Wednesday.

The advent of the coronavirus pandemic strained the tech sector, most of which are still battling the aftermath to date. One of the major aspects critically affected is the chip manufacture that is deployed in almost all electronics and cars. In order to ease the pressure off the bloc with respect to this chip scarcity, a part of the $177 billion funds has been earmarked for the manufacture of low-power processors, a feat which would notably prevent the recurrence of the chip scarcity menace.

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