The impetus for governments around the globe to invest in emerging technologies such as blockchain, including local and regional governments, continues to grow as greater confidence evolves in the technologies concerned and in the ways in which regulatory regimes are beginning to respond in order to encourage growth and innovation.
Just last week, the regional government of Aragon, an autonomous Spanish region, pledged over €12 million ($13 million) for the development of what it terms “4.0 industries,” referring to a wide array of emerging technologies that include blockchain and AI. This amount, according to reports in the Aragonese local newspaper La Vanguardia, is more than double the amount that had originally been considered necessary.Aragon is situated in the North-East of Spain, and is made up of three provinces: Huesca, Teruel, and Zaragoza and has a population of over 1.3 million.
The European Regional Development Fund (ERDF) has co-financed the initiative within the Operational Program of Aragon for 2014–2020. It was further reported that some specific objectives for applying the funding include the promotion of these new technologies and investment in education to order to promote and advance their use and development. It is also expected that Aragon will benefit more widely as this sector grows and develops digital solutions at a local level for the global markets, potentially attracting more people and businesses from a broader range of associated industries to the region, boosting its overall economy. Aragon aims to use the funding to help small and medium sized enterprises to apply digital solutions to their businesses and believes this new push will drive it to apply blockchain and other cutting-edge technologies to the digitisation of its economy.
Aragon’s integration of 4.0 technology clearly mirrors the moves that have been made by other smaller nations, including Gibraltar, Malta and Luxembourg who have already recognised the importance of developing a modern, technology-focused economy in order to raise their profiles head and shoulders above the rest of the world as jurisdictions that can attract reputable, successful tech-driven enterprises. Gibraltar’s exemplary DLT regulatory framework has already attracted world-class businesses to its shores, while Malta and Bermuda have been actively pushing for adoption of blockchain technology to attract cryptocurrency-related companies to incorporate there. With this funding pledge, Aragon will undoubtedly boost digital development in the region and will potentially appeal to businesses working with blockchain and from the cryptocurrency sector.
