Italy’s Ministry of Economic Development is going to bring a subsidy scheme of $46 million (about Rs 364 crore) for the development of blockchain, the Internet of Things, and Artificial Intelligence (AI) related projects. It will start by the middle or end of September. This new policy will strengthen the research and innovation capacity of the industries. Economic Development Minister Giancarlo Giorzetti said, “The challenge of continuous competition demands continuous innovation. In December 2021, a decree was issued for this, giving the criteria for using the fund. After that, another decree was issued in June 2022 in which the ministry laid down the terms and conditions for it.

In a press release, Economic Development Minister Giancarlo Giorzetti said, “We encourage the modernization of production systems through interconnected, safe and fast management models and support companies’ investment in cutting-edge technologies for this. In order to stay in the competition, it is necessary to constantly innovate the manufacturing industry and harness the potential of new technologies. ”

As per the decree submitted in June 2022, an application can be made by a company of any size for subsidy to use funds in IoT, AI or Blockchain of industry and manufacturing, tourism, health, environment and aerospace.

In May, Agenti e Mediatori (OAM), the body that gave regulatory approval to crypto service providers in Italy, gave the green signal to Binance, one of the largest crypto exchanges, to open its branch in Italy.

Another thing to note here is that, as a member of the European Union, Italy may be influenced by the recent rules of the Eu Parliament, in which Parliament has talked about bringing the issuers of cryptocurrencies and service providers under its jurisdiction.