Italian Senate is Set to Create Legal Foundation for Blockchain Timestamps to Valid Digital Documents
The Senate of Italy (Senato della Repubblica) has been making major moves to help in the creation of a blockchain industry in the country. This Wednesday, January 23, the Senate has published an important proposal that will add the definitions of distributed ledger technology (DLT) and smart contracts to its legislation.
These new terms will amend the Senate Act No. 989, a law passed at the end of last year. The law was also set to determine that any record on a blockchain will be legally valid and have all the legal effects of the electronic time validation as referred to in the European Union laws.
While this is a very important step for the industry, it is just the beginning of a long road that will make Italy a much more crypto-friendly country for investors and entrepreneurs.
For this to become a real law, it has to be approved by the Italian Parliament now and then later be approved again in the Senate. Finally, the president needs to sanction the law personally. While it is unlikely that he will decide against the law, as it is not a very controversial one and it has the backing from the administration, if it happens, the law will go back to the Senate.
After the whole process is finished, the Agency for Digital Italy, which is the government’s responsible entity for this kind of thing, will define the specifics of how the blockchain and its practical use will be regulated within Italy.
This is a considerable pro-crypto move from the country, which had not many any attempt to make life easier for crypto investors before that. Last month, however, the government started to push further for a pro-blockchain agenda.
In December 2018, the Ministry of Economic Development has sent 30 experts to create a national blockchain strategy which will be ready sometime during 2019. Also, Italy has decided to sign a joint declaration at the time that it would, along with six other European countries, use the blockchain technology to transform its economy.