Italian Government Has Committed $46 Million For Blockchain Projects

Italian Government Has Committed $46 Million For Blockchain Projects

By giving them access to government funding, Italy is promoting blockchain ventures. According to the country’s Ministry of Economic Development, some blockchain projects would be eligible for a $46 million subsidy.

In a statement released on Tuesday, the Ministry stated that businesses and research institutions operating in the public and private sectors would be qualified to apply for funding from the government to support initiatives working in fields like blockchain technology, the Internet of Things, and artificial intelligence.

This fund’s initial funding will come from a budget of 45 million euros, or around $46 million. The Italian government wants to encourage investments in the technology industry while also promoting research and innovation. This grant is a part of that effort.

The Italian Minister of Economic Development, Giancarlo Giorgetti, stated that this funding would go to businesses that made investments in leading-edge technologies.  To support contemporary production processes, the government urges individuals to employ quick, secure, and effective models.

The government pointed out that using cutting-edge technology will boost competition. A decree issued in December of last year reinforced the government’s direction. The order at the time considered how the sum would be used. The Ministry was able to set the following terms and conditions for submitting the applications in June 2022 thanks to additional financing.

The decree specified that businesses of any size might apply for this support. Major technologies like the Internet of Things, artificial intelligence, and blockchain technologies would be supported by these monies. The aerospace, environment, health, manufacturing, and tourist sectors would all benefit from this funding.

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