Things are starting to move in the blockchain space of Romania, where the government has yet to show any support despite funding from the European Commission. Now the country has its first blockchain NGO – the United Blockchain Association of Romania.
Interest in the cryptocurrency market and blockchain technology is growing in Romania. As a logical consequence, the first crypto and blockchain-oriented non-governmental organization (NGO) has been officially established. The United Blockchain Association of Romania (UBA-RO), as the entity is called, aims to represent the emerging industry in the country.
The organization began its activity on March 22, and its representatives say it has the mission to properly inform the Romanian public, educate it, and provide the necessary tools to ensure safe and friendly investment conditions, which also involves legislative aspects.
The three founding members are:
UBA-RO representatives claim that the mission of the new organization is to create a platform for dialogue and debate to put the subject of blockchain and cryptocurrencies on the public agenda.
So far, UBA-RO has enlisted about 40 members besides the board of directors.
“UBA’s objectives represent in fact the topics that we intend to address in the near future with the decision-makers in Romania, and also with the blockchain and crypto enthusiasts in our country. Our organization aims to provide an umbrella to support the common interests of those who are actively involved in this field… We want to unify the ad-hoc groups and create a strong coalition, which will be the interface in direct communication with the Government, the Parliament, the central bank and the Financial Supervisory Authority,” Stanica said.
Professional services firm Ernst and Young estimates there have been 26 Romanian initial coin offerings (ICOs) initiated in countries that already regulate the market. These include European countries like Austria, Gibraltar, Estonia, and Malta. Thus, UBA-RO is a logical move to speed-up the creation of a predictable legislative framework and to reduce potential scams.
In mid-February, we reported that Romania was stagnating in terms of blockchain development although the European Commission has allocated millions of euro for blockchain projects.