Italian Senate To Set Legal Foundation For Blockchain Timestamps

The Italian government is close to amending regulations which allow the legalization of blockchain timestamping and validation of digital documents.

The country’s senate, the Senato della Repubblica, published a proposal on Wednesday regarding Act passed on December 2018. Which says it is contemplating adding distributed ledger technology and smart contract-related terms to Senate Act No, 989.

As well as definitions of blockchain and smart contracts in the amendment.

The proposal also said the recording of an electronic document using technologies based on distributed ledgers.

“produces the legal effects of the electronic time validation referred to in Article 41 of EU Regulation no. 910/2014.”

More so, finance magnates tipped the amendment to have been approved by the senate committees of Constitutional Affairs and Public Works, while it is yet to become a law, pending approval by the Italian Parliament.

The Agency for Digital Italy will define the technical standards for the practical use of blockchain verification in the country.

The Italian government has so far taken several steps towards developing blockchain technology in the country.

The Italian Ministry of Economic Development selected 30 experts from various fields to develop a national blockchain strategy.

Italy also signed a joint declaration in the same month, along with another six southern EU states. This is to take the lead on blockchain in order to transform its economy.

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