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Italian Government to Provide $46 Million to Aid For Blockchain Projects

Any blockchain, AI, or IoT development company is eligible to apply for government subsidies based on a particular sector such as health. The Ministry of Economic Development of Italy announces that specific sectors working on blockchain development projects will be eligible to adopt a government subsidy for up to $46 million launching on the 21st of September.

Italian Government Introduce New Subsidies For Research, And Innovation

On Tuesday, the Ministry of Economic Development of Italy announces that both private and public research firms are eligible to apply for government funds for developing projects related to the Internet of Things, Artificial Intelligence, and Blockchain Technology. 

The preliminary budget of the government funds starts with $46 million at the publication time, for the costs and expenses from five hundred dollars to two million euros that will help to expand agribusiness, culture, and tourism, environment and infrastructure, security and information technology, logistics and mobility, and aerospace. It is a million dollar budget plan of the Italian government for the growth of research, technology, and innovation.

Also Read: Blockchain Analytics Play An Important Role For The Growth of the Global Cryptosphere

The Vision Behind the Multi-Million Dollar Fund By The Italian Government

Minister of Economic Development of Italy, Mr. Giancarlo Giorgetti stated that the government wants to support the investment of public and private companies as they tend to focus on the advancement of production systems through management models that are interconnected, secure, fast, and efficient. He alos added that the goal of rivalry imposes the innovation of the existing manufacturing industries and utilizes the true potential of emerging technologies.

The government declaration was possible with the help of a decree in December of 2021 determining the criteria for the fund in terms of application submissions. According to the law, any company irrespective of size is qualified to apply for the government fund that is used for building AI, IoT, or Blockchain technology in different sectors including manufacturing industry, health, tourism, aerospace, and environment.

According to a member of EU, the recent regulations that the European Union agreed upon are aiming to bring the crypto service providers and issuers within it’s control and under a single regulatory framework that is likely to effect the general public of Italy. 

Also Read: The Central African Republic Launches its Sango Crypto Hub

In Conclusion

The security regulator of the country, along with the CONSOB or the Italian companies and Exchange Commission has warned the residents earlier regarding the potential risks of crypto investments. Moreover, in May, Organismo Agenti e Mediatori is greatly accountable for consenting regulatory approval for crypto service providers.  The policymakers granted a green light for the major exchange branch of Binance to open in Italy.

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