The Republic of San Marino - a dwarfish state, completely surrounded by Italy - has presented plans for its emergence as the world's leading center of blockchain.
San Marino Innovation, the department of the Republic, specializing in innovations, confirmed the establishment of a joint venture with the Estonian developer of the blockade Polybius. As part of the partnership, San Marino wants to develop infrastructure, regulation and technical expertise to become the center of the blockchain. The joint venture, created in cooperation with the consulting firm Olympus Advisors, based in San Marino, in accordance with the law of the Republic provides for the inclusion of a new company in the development of the space of the blockchain.
"We are the oldest Republic in the world, and we are proud to begin our transformation under the aegis of technology," said Andrea Zafferani, Secretary of State for Economic Development of San Marino. "We believe that this partnership will have a significant impact on the economy and the transformation of the innovative sector that underlies our development strategy. The republic will also adopt current regulation to become the world's leading center of detachment."
The statement stresses that the Republic of San Marino intends to become a reliable and active legislative partner of the blockchain industry and, in connection with this, will start developing a comprehensive legislative framework. Despite the fact that only a small amount of information on the Republic's plans has been made public today, San Marino wants to position itself as a friendly blockchain jurisdiction, following the example of "Cryptovaley" in Switzerland. This will allow the state to attract the companies, their capitals and specialists in this field. Malta - another small European state - is currently implementing a similar plan.
San Marino plans to use Polybius Digital ID technology to create new authentication mechanisms for authentication and verification in accordance with applicable European personal data management laws. Polybius recently moved to Brussels to be closer to the headquarters of key EU institutions responsible for directing and regulating the EU.
"San Marino is the perfect place for becoming an innovator in this kind of technology," said Sergio Mottola, executive chairman of San Marino Innovation. "We are not interested in short-term or opportunistic policies, with the aim of speculating on the hype around the crypto-currency industry. We are intrigued by the revolutionary changes that the basic technology - blockchain can bring. We believe that it will have a greater impact on the global economy than the Internet. "