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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.

The Italian Senate Committee legally approved an amendment on blockchain technology, but it still requires the approval of both Parliaments before being enforced. The Constitutional Affairs and Public Works – the 8th Italian Senate Committee recently approved a legal amendment on blockchain, which is the only real new industry legislative for Italy.

The Ministry of Economic Development checked the establishment of two meetings of groups of experts devoted to the field of Artificial Intelligence (AI) and Blockchain. The meetings held at Tapestry Hall were officially chaired by Patricia Cervantes, the undersecretary for economic development responsible for industry, being assisted by Minister Luigi Di Maio and Daniel Bachman.

Distributed ledger technology (DLT) also known as Blockchain technology appears set to dominate in several sectors in the future within Italy and the rest of the world. The Italian government is having a lot of plans associated with blockchain, and the citizens are waiting to see what will really occur in years to come especially with public tenders, new experiments and investments.

The Italian prime minister, Matteo Renzi, has taken the all-time risk of pledging to resign after a negative result of a referendum on a constitutional reform which could make it easier for the government to pass laws without unnecessary delays.

The banking crisis in Europe goes even further in Italy. While in countries like Germany and France we see only a decline of major banks’ asset prices, in Italy besides the banking crisis itself another problem occurred - civilian Italians began to distrust bank transfers and payments. One of the possible solutions may be Bitcoin, which can serve as a salutary means, grow in price and even get official recognition in the country.