Italian government reserves around $46 million as subsidiaries for businesses seeking to conduct research on blockchain technology, Internet of Things (IoT) or artificial intelligence (AI). A single or joint application can be submitted by companies for this fund starting September 21, 2022.

The order states that businesses of any size are allowed to apply for this subsidy if the money will be utilised for blockchain in fields like manufacturing, tourism, healthcare, environment, application on production systems, education, agriculture, infrastructure, tourism, information security, and aerospace. Initiatives looking into the Internet of Things IoT and artificial intelligence AI will also be accepted.

In December 2021, the government issued a decree that established the fund's criteria for using it and in June 2022, it issued another that outlined the terms and conditions for submitting applications.

Giancarlo Giorgetti, Italy's Minister of Economic Development, outlined the goal of this project, which is to encourage companies and public or private research firms investing in innovative technologies to modernise manufacturing processes through management models that are increasingly integrated, efficient, secure, and quick. He continues, that the manufacturing sector must constantly innovate and seize the promise of new technology to meet the challenge of competitiveness.

Acceptance of cryptocurrencies in Italy :

The acceptance of cryptocurrencies is relatively high in Italy which is a member of the European Union. According to data from 2021, Italy is the tenth-highest user of cryptocurrencies out of 27 nations surveyed. Bitcoin, Ripple, Bitcoin Cash, and Ethereum are the most popular coins in the country. Recently legislation approved by the EU Parliament seek to bring cryptocurrency issuers and service providers under its jurisdictional supervision and under a single regulatory framework. Italian Companies and Exchange Commission, or CONSOB, is the nation's market regulator and is in charge of cryptocurrency regulation. More than 4,000 crypto assets were in use as of June 2021, according to Consob, and the government would need to take precautions to reduce dangers. However, the county required all virtual asset providers to adhere to the AML requirements. The largest private bank in Italy, Banca Generali, said in January 2022 that it would permit its private clients to buy and retain Bitcoin till the end of 2022. The technological integrations were started by the bank.

Other nations investing on blockchain :

Colombia and Korea are the two nations that have recently made national investments in blockchain. With $117.1 million funding, Korea will construct a metaverse where its people may receive education, collaborate, and find new employment. The nation has already begun the first phase of its metaverse plan, with the goal of dominating the metaverse market by 2026.

It was only recently that Colombia announced that its national systems now use blockchain technology. Over 100,000 contracts can be registered through the new project, which is used by Colombia's National Land Agency.

Indrani Bose

CBW - External Analyst

INDIA