After a period of time, Italy revealed their publication of a decree focusing to secure and regulate the legal status regarding cryptocurrency and DLT. The Senate Committee of Constitutional Affairs and Public Works in Italy approves the “Decreto Semplificazioni” on January 23.
Moreover, this publication consists of a series of legal stipulations specifying what the government understands to be cryptocurrency. They also consider the other terms typical of blockchain tech along with their legal status.
Likewise, the Decree by the Italian State can now use and identify blockchain technologies as legitimate tools. Basically to validate the time. Where as documents and contracts in the country are registered.
Italy is Looking To Make an Entry Within the Blockchain Space
Analyzing this progress, still, there is a long way to go reaching a goal. They find it essential for the Senate of the Republic and the Chamber of Deputies granting decree its legal validity for technologies to use legacy in official activities.
Italy is not incorporating an essential part within the crypto evolution, however, once this decree is approvable, the country will hold a world reference. This is with regards to the technological and legal innovation aligning the blockchain adoption.
Italy experiences this success to establish the decree follows its participation within the joint initiative between several European countries. They all were focusing to encourage the blockchain tech adoption within various sectors.
Malta, which is a blockchain island next to Italy, initiates this proposal. Where as France, Malta, Spain, Cyprus, Portugal, and Greece were supporting.
The idea of this initiative proposal is to encourage blockchain technologies as a tool which is widely applicable within several government areas, right from transport, land distribution, healthcare, to registries, etc. Also, the declaration statement specifies:
This (adoption) can result not only in the enhancement of e-government services but also increased transparency and reduced administrative burdens, better customs collection and better access to public information.
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