Distributed ledger technology has now found a niche for itself in the constitution of some countries. There is a special inclination of the European countries in the development of blockchain and other forms of emerging technologies. The latest update has come from Italy wherein the government has adopted state policies to accommodate the emerging technology.
The Italian government clearly doesn’t want to lag behind in the race of blockchain adoption and therefore they have come forward to regulate and protect the legal status of blockchain and cryptocurrency. The Italian Senate Committee of Constitutional Affairs and Public Works gave in the approval for ‘Decreto Semplificazioni’. In simple words, this is the formal approval of the legal status as the legal tools.
The Italian State is said to be using the renowned form of distributed ledger technology that is blockchain as a legitimate means to validate the time in which documents and contracts made in the country are registered. However, there are still some approvals required from the Senate of the Republic and the Chamber of Deputies to being it in action. This adoption is going to make significant progress in the development of e-government services along with enhanced transparency and reduced administrative burdens, as mentioned by Ethereum World News.
The European countries are turning out to be a world reference in regards to the legal and technological innovation of blockchain. Italy’s neighbor Malta has been already referred to as Blockchain Island and has made huge progress in terms of facilitating blockchain-based services.
Other Blockchain Regulated Countries
According to Silicon Angle, China is one of the big blockchain destinations that have strict operating regulations. The Chinese government has introduced new amendments that will be enforced by the Cyberspace Administration of China to monitor the online content and the distributed ledger technology operations. It is one of the most promising locations to invest in blockchain related services and products.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]