Italian Ministry Of Development Provides IDR 709 Billion Fund For Subsidy For Digital Projects To Blockchain

The Italian government provides subsidies for digital and blockchain research. (photo: doc. pixabay)

JAKARTA - The Italian Ministry of Economic Development has announced that certain blockchain projects will be eligible to apply for subsidies to the government of up to 46 million US dollars (Rp 709 billion) starting from September this year.

In their announcement Tuesday, July 5, the Ministry said that public or private companies and research institutions will be able to apply for funding from the government for the development of projects related to artificial intelligence, Internet of Things, and blockchain technology.

The fund will have an initial budget of 45 million euros (Rp 693 billion) for expenditures and costs from 500 thousand (Rp 7.7 billion) to 2 million euros (Rp 30.8 billion) as part of the Italian government's goals for investment in the sector. technology, research and innovation.

"We support the company's investment in cutting-edge technology with the aim of driving the modernization of production systems through a management model that is increasingly connected, efficient, secure and fast," said Minister of Economic Development, Giancarlo Giorgetti, as quoted by Cointelegraph. “The goal of competitiveness requires the manufacturing industry to continuously innovate and use the potential of new technologies.”

The government's directive was made possible by a decree in December 2021 setting out the criteria for using the funds and a subsequent one in June 2022 in which the Ministry established the terms and conditions for submitting applications.

According to the decision, companies of any size will be eligible to apply for subsidies provided the funds will be used for IoT, AI or blockchain in sectors including industry and manufacturing, tourism, health, environment and aerospace.

As a member of the European Union, Italy is likely to be affected by the recent regulations agreed by the European Union Parliament that aim to bring crypto issuers and service providers under the control of its jurisdiction under a single regulatory framework.

The country's securities regulator, the Italian Companies and Exchange Commission, or CONSOB, has previously warned residents of the possible risks of crypto investing, while Organismo Agenti e Mediatori is largely responsible for providing regulatory approvals for crypto service providers. In May, regulators gave the green light to major crypto exchange Binance to open a branch in Italy.