How the EU is supporting the Berlin crypto project

When shopping, banking or using public services, people and organizations are increasingly having to identify themselves digitally. However, a comprehensive solution has not yet been adopted in Germany or across the EU, mainly because of the high technical and legal hurdles. However, a functioning infrastructure for digital identities could bring enormous economic benefits. According to estimates, Germany’s gross domestic product alone could increase by up to four percent.

Such an ID procedure, especially for Web3 applications, is being developed by IOTA. The project has now been included in a funding program led by the EU Commission. In exchange with regulatory authorities, a legally valid white label solution is to be created that can be used on a wide scale. IOTA co-founder Dominik Schiener explains to BTC-ECHO how the procedure works, what the advantages are, and why there is an “urgent need” in Europe.