The government of Italy has announced to give out funding worth $46M for blockchain projects, in a bid to uplift their research and development.
Italy’s initiative of investing in technology and innovation will cost between the range of €500,000 and €2 million, as the new policy is expected to strengthen research and innovation capabilities for industries. Minister of Economic Development Giancarlo Giorgetti said “The challenge of competitiveness requires constant innovation.”
Abiding by the statement passed by the Ministry of Economic Development of Italy, the public or private research firms are developing Artificial Intelligence(AI) or the blockchain technology which can be applied to certain sectors for government subsidies.
Forlong the European Union has been trying to bring one regulatory framework for all crypto service providers.
Also read: Binance Gets Regulatory Approval in Italy For Crypto Service
The Italian senate committee of constitutional affairs and public works approved this
Decreto Semplificazioni, to legally affirm the definition and legal status of cryptocurrency and other terms standard in blockchain technology, earlier this year.
The country possesses an excellent community of entrepreneurs and technical leaders, although being in its early stages. The Italian blockchain based businesses will definitely benefit from the plan.
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