Due to the recent European crypto-assets regulation, the EU countries have started to encourage more blockchain technologies. Thus, the Ministry of Economic Development of Italy has announced that companies and public or private research firms will be able to apply for funding from the government for the development of projects related to blockchain technology.
The fund will have an initial budget of 45 million euros as part of the Italian government’s goals for investments in technology, research, and innovation. “We support companies' investments in cutting-edge technologies with the aim of encouraging the modernization of production systems through management models that are increasingly interconnected, efficient, secure and fast,” said Minister of Economic Development Giancarlo Giorgetti. “The goal of competitiveness requires the manufacturing industry to constantly innovate and use the potential of new technologies.”
The Italian government will provide subsidies for blockchain projects in sectors including industry and manufacturing, tourism, health, the environment, and aerospace.
That being said, promoting smart regulations within the sector boosts people`s trust in blockchain technologies. This allows the industry to flourish and therefore, establish new innovational developments. The European Blockchain Initiative predicts that very soon there will be more government programs in the EU towards blockchain technologies.