The EU Commission’s strategy on Web4 is a flop

On July 11, the European Commission formally adopted its new strategy on Web4 and virtual worlds with the aim of ensuring “an open, secure, trustworthy, fair and inclusive digital environment” for European Union citizens. The strategy is based on four main pillars, revolving around the empowerment of human resources, support of businesses, further development of public services, and shaping of global standards for “Web 4.0” — a freshly coined term that attempts to preempt the next technological wave.

While it’s commendable that the European Commission is proactively strategizing for the EU to take the lead on Web 4.0, or Web4, and virtual worlds, we shouldn’t neglect the fact that for all the fanfare of Web3 and the trends that accompanied it, notable credit and financial institutions have so far only firmly and mainly placed their confidence in Bitcoin (BTC) and, to a lesser extent, Ethereum.

Indeed, it is difficult to assert that Web3 left anything of considerable substance behind it — aside from a sharp but short-lived spike in the Lamborghini and Rolex markets. The sooner that term is forgotten, the sooner we’ll be able to focus again on the areas that do matter.

Related: It’s time for the SEC to settle with Coinbase and Ripple

The EU’s general stance on Bitcoin has arguably detracted from its image as a forward-looking, technology-advancing region, and it would do well to either retract or modify previously taken positions on matters such as proof-of-work mining. The reinvention of money is far from a light matter, and if the EU is to take a pincer hold of what ultimately makes the world move, it is well-advised to do so by both advancing its digital euro project and also supporting the other side of the coin, thereby hedging its position to a degree where it is minimizing risks and maximizing possible opportunities.

In order to do so, it must proverbially unstick the European Central Bank’s head from the sands, limit any anti-Bitcoin publications from the famed Fabio Panetta, and adopt a neutral monetary stance that aligns with a technology-neutral one.

European Union has introduced its Web4 and virtual worlds strategy

The strategy is in line with the 2030 objectives of the Digital Decade policy program and three of its key pillars of digitalization: skills, business, and public services.

The outlook of the EU economy beyond… pic.twitter.com/lg1X5Yvccj

— FanBe_web3 (@FanBe_web3) July 12, 2023

Moving on to the cornerstone of…