The Italian Government has published a decree dubbed as “Decreto Semplificazioni” for protection and regulation of the legal status of cryptocurrency and distributed ledger technologies.

The Senate Committee of Constitutional Affairs and Public Works of Italy has already approved the decree that lists various considerations explaining the Government’s definition of cryptocurrency and other blockchain related terms.

The Decree has made it clear that entities in Italy will be able to utilize blockchain as a legitimate tool to record and authenticate the time of registration of documents and contracts.

This initiative is aimed at promoting the use of blockchain technology and helping the government with trustworthy verification tools for sectors ranging from transport, healthcare, registries, etc.