Search results for simplification decree

In Italy, before other great countries, it was decided to introduce specific regulations for Blockchain technology, in fact, in the simplification decree approved in the Official Journal in February 2019 two articles on this new technology were introduced.

Italy is at the forefront of the Belgium-based distributed ledger technology (DLT) initiatives to test the use of blockchain technology systems and their prospective significance.

Blockchain technology has been actively developing in Italy, however, it can’t reach its potential power without a proper legal framework. The Ministry of Economic Development is reported to have urged the fintech’s adoption by the Agency for digital technology (Agid). The regulatory environment must be designed for various blockchain innovations including cryptocurrency.

The issue of security in Italian legislation has continued to be a major focus ever since blockchain, distributed ledger technology and smart contracts were legally introduced in the simplification decree back in February 2019. Thus, basing on different potential technology, there is no single Blockchain, but instead, there are multiple chains.

The foremost project that targets conveying digital innovation and big data into various sectors “Industry 4.0 and Blockchain” is likely to be just hot air if the government of Italy doesn’t wake and lay its hands on the project, and create more suitable measures to ensure the growth and development of the country’s economy. Most if not all of the Italian companies are still a sleep as for investments in innovation, yet the solution is just simple: invest in human capital.

The two legal experts (L. Egitto and G. Busuttil) were recently interviewed to give light on where Italy stands on the regulation of blockchain, cryptocurrency, smart contract and other innovative technologies. Several institutions, firms, organizations, businesses and governments have been moving forward for few years especially in Europe, such as Switzerland with its Crypto Valley project (of the canton of Zug) and Republic of Malta started before any other country.

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.

Research conducted by IDC last year shows that 75.5% of companies worldwide believe blockchain technology will facilitate their Digital Transformation initiatives for the next half a decade. In Europe, however, uptake is still very low, the percentage of firms which are conducting pilot projects in blockchain makes around 9% of the total number interviewed, according to a report by Tech Economy.

Italy has been trying to keep pace with technological progress. That is probably the most obvious reason for the country’s government to support the development of blockchain, IoT, AR/VR and other innovative technologies.