The tiny republic of San Marino, ensconced with Italy, has begun to seriously investigate the advantages of blockchain technology within its business and financial sectors.
The Technical Group of Scientific Committee of the Republic of San Marino has met to discuss the topic in the Palazzo Begni, the home of the Secretariat of State for Foreign Affairs and Finance and Budget.
The move follows similar intentions by small European states such as Malta, Lithuania, and Gibraltar.
Participating in the study are big players in the international technology industry including Cisco, Cerved and the Financial Information Authority.
Important figures in the country such as the President of San Marino Innovation Dr. Sergio Mottola, Stefano Gatti of Cerved and lawyers Emanuela Campari Bernacchi, Licia Garotti and Valentina Lattanzi have called the move a fundamental step in defining legislation of the new technology in the republic.
Digital Security and Identity Verification
San Marino Innovation aims to make the country a hub for economic advancement in the digital sector and a reference point for other nations who would like to follow suit. Consequences of blockchain applications in business and financial systems have been analyzed with a highly scientific approach in order to ascertain the correct level of regulation and legislation required.
Mottola presented a report at the conference entitled ‘San Marino Blockchain’ which outlines the results of San Marino Innovations findings regarding benefits that have been achieved by other nations through blockchain adoption.
Aspects such as digital security and identity verification were key points examined in order to create a clear framework for putting San Marino in a competitive position on the global blockchain stage.
“There are many sectors that will be innovated by Blockchain Technology, which is a disruptive technology”, noted Mottola in his speech at the conference.
Security regarding digital transactions was highlighted as an important foundation for any further discussions arising from blockchain implementation. Mottola believes San Marino has the perfect mix of small-scale financial influence and an innovative culture that can successfully place it as a hub for blockchain development.
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