The Italian Ministry of Economic Development will allocate $46 million for the development of projects working with blockchain, the Internet of things and artificial intelligence.
Giancarlo Giorgetti, Italy’s economic development minister, said that from September public and private companies using the latest technology will be able to apply for government subsidies. For one project, the authorities are ready to provide from 500,000 to 2 million euros.
Although the blockchain and cryptocurrency industry in Italy is still in its infancy, there are already enough technology leaders and businesses using blockchain in the country that this initiative could give them an extra boost, Giorgetti said.
“We support investment in innovation to improve manufacturing systems through governance models that leverage blockchain and artificial intelligence. Thanks to their use, business processes become faster, safer and more efficient. To increase the competitiveness of our manufacturing industry, we need to use the potential of advanced technologies,” Giorgetti said.
Blockchain is especially popular among Italian banks, which use this technology to exchange data and increase the transparency of interbank transactions. Despite a new initiative to develop the blockchain in the country, Italian regulators are wary of cryptocurrencies.
So, last year, the Italian Companies and Exchange Commission (CONSOB) called cryptocurrencies a tool for money laundering, urging the European Union to speed up the development of rules to regulate the industry. However, in May, the Binance exchange received a license from the Italian regulator Organismo Agenti e Mediatori (OAM) to operate in the country.