Italian Senate Committee Unveils New Blockchain Technology Regulations

Italy has moved forward with a plan to incorporate the blockchain into her economy. This was marked by the release of the nation’s first blockchain regulation.

The Committee of Constitutional Affairs and Public Works approved the regulation in the Italian Senate. The decree made various changes to regulation that had been proposed earlier.

The Next Step

Italian media first reported the news of this regulation. After that, the regulation will move to the Senate where it will be approved. The legislation was created with various applications in mind. One specific area is the use of the DLTs in record keeping.

Italy is among a collation of EU states that have decided to adopt the DLTs in the economy. These nations are all found around the Mediterranean. The hope is that DLT technology will offer a needed boost to their economies.

In another report, regional officials said that the adoption would result in the enhancement of e-government services. Besides that, it would improve transparency in how public bodies work. At the same time, it would cut down the administrative burden and ensure customs collections are improved. Besides that, it would improve access to public information.

What the EU Thinks about the Blockchain

A Commission of the EU’s Digital Economy and Society was quite positive about blockchain technology. In the future, all public services would utilize the blockchain. She said that the blockchain technology represented a great opportunity for European state and it would force them to rethink their information systems.

It would also help to promote trust amongst users and protect personal data. The technology will also create new business opportunities according to the Commissioner. Additionally, it would establish new leadership areas, which would benefit public services, companies, and EU citizens.

She said the coalition established by the EU states would enable states to work with the EU to turn the huge potential of the blockchain into better services for citizens.

Once the Senate approves the new regulations, the government will consider the use of the blockchain to offer government services. Earlier on, Italy had created a 30 member advisory panel, whose focus was the blockchain.

Blockchain Regulation Is Here to Stay

Globally, nations are working to adopt blockchain regulation. This is meant to secure investment in the technology as well as encourage innovation. The hope is that it will provide a serious boost to the economy.

Besides that, the technology has been shown to be better at protecting consumers from fraud. In China, the nation might have banned crypto but they have embraced the blockchain. China is considered a leader in the sector of smart cities, the digital economy, and blockchain tech. On the other hand, nations such as Switzerland and Malta have created regulation that has turned them into havens for blockchain startups.

Confusing Signals from the US

While the US is a major source of all crypto trading, the nation is still equivocal about its stand on crypto coins and blockchain tech. However, 2019 might be different. The SEC has prioritized crypto in 2019.