Italy Reserves $46 million For Companies To Do Blockchain Research

Italy announces a decree under which it has dedicated $46 million for companies who seek to build subsidiaries and research blockchain.
Initiatives regarding IoT, AI and any blockchain will be considered for funding.
Studies reveal Italy is among the countries that have high crypto adoption rates.

Italy in its latest decree has allocated $46 million for companies that aim to establish subsidiaries to conduct blockchain research. The law would be implemented from 21 September 2022. The companies can apply for it either in collaboration or individually.

Giancarlo Giorgetti, Minister of Economic Development in Italy, shared that the purpose of the initiative is to support the company’s investment in innovative technologies. Thus paving the way for modernizing production systems.

Giorgetti says that the challenges of competitiveness motivate the manufacturing industry to constantly innovate and grasp the potential of new technologies.

Initiatives about any blockchain, AI and IoT application on production systems, agriculture, environment, tourism, information security, tourism and aerospace will be eligible for receiving funds.

Italy may not be at the front when it comes to embracing cryptocurrencies. However, it surely has a high adoption rate there.

The results of a poll conducted among 27 countries, Italy is number 10 in terms of the highest crypto adoption. The popular coins in the country include Bitcoin, Ethereum, Ripple and Bitcoin Cash.

On the other hand, a Chainalysis report shows that Italy is in the seventh position in crypto adoption, following the U.K and Germany.

Consob, the country’s market watchdog, is responsible for the regulation of crypto-assets. Consob revealed that over 4,000 crypto-assets were in circulation, and the government needs to take action in order to reduce risks in June 2021. Consob has made no announcement regarding the crypto legislation since then.

However, at the start of 2022, all the digital asset providers were ordered to act in accordance with the AML rules. The country even blocked Binance from Italy. But looking at the high crypto adoption among Italians, Binance re-entered the market under the new legislation.

Banca Generali, the biggest private bank in Italy, in January 2022 declared that its private clients could buy and hold Bitcoin till the end of 2022. The bank even began the technical integrations, but the announcement regarding the launch is yet to be announced.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing