The Republic of San Marino is placing itself to become a ground-up hub for Blockchain. This has come through an announcement from the San Marino Innovation Institute, the formation of a new company which under San Marino law will be devoted to developing a first-ever ecosystem for blockchain innovation.
Hands-on and legislative work will start instantly in order to create an infrastructure and legal framework catered to the country’s goal of becoming a center for developing the blockchain industry.
A move that was motivated by ongoing European personal and private data management initiatives indicates that the joint daring undertaking will help San Marino to support Polybius’ Digital ID technology that will enable it to create new and world-leading identity mechanisms for authentication and verification.
Ivan Turygin, Co-founder of Polybius, hopes that this will go far in shaping San Marino as a place for Blockchain innovation and in influencing the government to lend a supportive hand to that development as a way to future economic achievement. Polybius has all this time been the leading developer of distributed ledger technology via their HashCoins OU Company.
Andrea Zafferani, Secretary of State for Economic Development said:
“We are the world’s oldest Republic and we are proud to begin a transformation lead by technology. We believe this partnership will have a significant impact on the economy, growing the innovation sector which is at the core of our development strategy. The Republic will also acquire a state of regulations to become a world-leading Blockchain.”
Sergio Mottola, Executive Chairman of San Marino Innovation, also talked about the permanence of cryptocurrencies as an investment. He had this to say:
“We are not interested in short-term or opportunistic policies to take advantage of the speculation surrounding today’s cryptocurrency world. Rather, we are intrigued by the revolution implicit in the underlying technology; the blockchain, which we expect to bring an impact on the global economy greater than what the internet has.”