Italy is working hard to get into the world of blockchain

Blockchain technology

The blockchain is one of the leading technology of this century. The blockchain is a growing list of blocks which are linked by cryptography. Where each block has a cryptographic hash of the previous. a time stamp and the data. The blockchain is unhackable and tampers proof as it is distributed and decentralized network.

The Italian government does not want to lag in the international race to adopt state policies to the blockchain technologies and after a period of calm, announced this week the publication of a decree aimed at protecting and regulating the legal status of cryptocurrency and distributed ledger technologies

The “Decree simplifications” -which was approved by the Italian Senate Committee of Constitutional Affairs and Public Works on January 23rd- contains a series of legal stipulations that clarify what the government considers to be cryptocurrency, as well as other terms typical of blockchain technologies and their legal status.

The idea of this initiative is to promote blockchain as a tool that could widely benefit various government sectors ranging from transport and land distribution activities as healthcare, registries etc…

The commissions Public Works and Constitutional Affairs, in fact, on January 17 began with the vote on the amendments presented and there were no disagreements, especially between the League and M5s, on various issues including that relating to drills. On this issue, the majority then managed to find a square, but on the dl, which will return to the Senate Hall on Monday 28, the question of trust will most likely be posted. This is because the expiry of the dl is February 12 and, therefore, the time has become tight for its final approval

Despite this progress, there is still a long way to go. After this step, it is necessary that the Chamber of Deputies and the Senate of the Republic approve the decree for it to have legal validity and the technologies can be used in official activities.

Italy has not played an essential role in the evolution of crypto verse, however, after the approval of this decree, the country becomes a world reference in terms of technological and legal innovation oriented to blockchain adoption.

Italy’s success in creating the decree comes after its participation in a joint initiative signed by several European countries to promote the adoption of blockchain technologies in different sectors. The proposal initiated by Malta -an island next to Italy and referred to as Blockchain Island– had been supported by France, Cyprus, Malta, Portugal, Spain, and Greece.

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