The government in Italy have said that they don’t want to fall behind in the global race to adopt state policies to blockchain technologies and after a stage of calm they announced this week, the publication of a decree focused on the protection and regulating the legal status of cryptocurrency and distributed ledger technologies.

The Italian Senate Committee of Constitutional Affairs and Public Works recently approved the Decreto Semplificazioni on January 23rd. The decree contains a series of legal stipulations that confirm what the government considers to be cryptocurrency as well as other terms typical of blockchain technologies and their legal status.

In a similar nature, the decree states that the nation will be able to both utilise and recognise blockchain technologies as legitimate tools to confirm the time in which documents and contracts made in Italy are registered.

Breaking into an Industry

There is still a long way to go despite making progress. After this, it is vital that the Chamber of Deputies and the Senate of the Republic approve the decree for it to have legal validity and the technologies can be used in the official activities.

The country hasn’t really done much in terms of the evolution of crypto verse but after the approval of this decree, Italy will become a world reference in terms of technological and legal innovation which leans towards the adoption of blockchain technology.

The success Italy has had in creating the decree comes after its participation in a joint initiative signed by several European countries to boost the adoption of blockchain technology in different sectors. As reported by Ethereum World News, the proposal first came about by Malta (also known as blockchain island by crypto enthusiasts), which has been a firm believer in blockchain technology and cryptocurrency for a while now, had been supported by France, Portugal, Spain, Cyprus and Greece.

The idea for this initiative is to promote blockchain technologies as tools that could widely benefit several sectors of government ranging from land distribution and transport to the healthcare and registry spaces. On this topic, the statement read, “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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