Italian Senate Introduces Blockchain Terms into Existing Laws
The Italian Senate has introduced blockchain terms into existing laws through amendments. Referred to as the ‘Decreto Semplificazioni’ or Simplications Decree 2019, it represents the primary regulatory transfer within the blockchain house. This is also regarded as the Italian government’s initial steps towards regulation.
The amendment, according to Breaking News, supplies elementary trade phrases reminiscent of allotted ledger era (DLT)-based applied sciences and sensible contract definitions.
Blockchain professional, Fulvio Sarzana said Italy is trying to legalize transactions the use of allotted ledger era with the intention to lower out the intermediary or centralized certification establishments. Sarzana said this would give legal effect to blockchain transactions and smart contracts. “The amendment creates the possibility of giving a legal value to a transaction that exploits a distributed electronic and computerized ledger, without passing through notaries or central certification bodies.” He said the regulation on smart contracts gives a contract that is automatically executed by a computer program the legal value of a normal, written and signed contract.
The Italian government had come up with the ‘Simplications Decree 2019’ in 2018 to promote innovation and new technologies. The word ‘blockchain’ is used in the Decree for all distributed ledger technologies. According to the Cryptonomist, “technologies based on distributed ledgers are defined as computer protocols that use a shared, distributed, replicable, simultaneously accessible, architecturally decentralized ledger based on cryptography and have the objective of recording and validating data which is verifiable by each participant.”
Italy is following in the footsteps of other European governments to bring about regulation for blockchain and cryptocurrencies.