Search results for simplification decree

Futuristic technologies such as blockchain, Bitcoin, cryptocurrency, smart contract and others are the applications that could change the daily life of many people, thanks to this revolutionary novelty and Italy at large for being the first country within the European community to move from theories to practicals. Italy first in Europe to have regulated the two instruments of the future i.e. blockchain and smart contract.

The Italian legislator, among the first in Europe, made attempts to regulate the smart contract and blockchain phenomenon, introducing the Simplification Decree 2019. The document defines the nature of financial technologies and provides a regulatory framework for them in Italy.

Recently, the blockchain argument in Italy reached all-time levels of hype and media exposure of national popular status. In fact, when you walk through the corridors of most popular supermarkets you will listen to the branded radio stations advertising the new chain tracking initiative via blockchain technology. The decrees present the instrument, but maintain a centralization which isn’t reflected in the technology model.

A lot of society’s resources have been spent to enable the voting process of civil rights. Italy alone spent over €389 million to conduct the 2013 parliamentary elections. It is now investing heavily to enable efficient blockchain-based e-voting in the future.

According to the Polimi Observatory data, the most active firms are financial companies with 48%, public administration (PA) with 10% and 8% for logistics operators, but a lot still needs to be done: 60% of the total companies do not have a dedicated budget, and just 2% of them consider blockchain technology as a major priority.

The growth in the use of blockchain and smart contract adoption in Italy is being facilitated by changes that are being brought by the DL Simplification Decree 2019, which recognizes them to be equal to traditional written contracts or documents.

The intervention of the Italian regulator in the field of distributed ledger technology (DLT) was provoked by several reasons, including the extremely categorical definition of DLT and the need for amendments to smart contracts. The group of experts appointed by the government will develop a national strategy concerning the use of financial technologies in Italy.

Italy will be the first country in the world to give legal value to technologies that are entirely based on distributed ledgers such as blockchain technology and smart contracts, according to the sentiments of Bianconi and Sarzana experts and the thorough analysis by the Chamber’s study service. The process of certifying a copyrighted work or framing a rental contract will be eased, Start Magazine reports.

Zero paper is required in the digital exercise and blockchain technology legal validity of smart contracts in the suggested amendments that were officially presented to the Senate. €750,000 allocated for startups. The M5S group presented two important amendments to the “simplification” law decree, that is now under a thorough examination by the Constitutional Affairs & Public Works commissions of the Senate.