Italian Parliament Passes Bill that Explains Blockchain Terms and DLT

Italy is expediting its pace in explosively growing worldwide crypto economy. The country was working over the crypto regulations since long and now it has achieved a level as the parliament has passed a bill named ‘Semplificazioni.’

The bill approved by the Italian parliament, ‘Semplificazioni’ also consist of the defined meaning of terms like distributed ledger technologies and blockchain. The approval for such bill which explains these terms is an important ‘crypto moment’ for the country. Precise definitions of these crypto and DLT related terms are expected to bring clarity in Italy regarding cryptocurrencies. It will also help regulators to have control over the crypto operations.

Blockchain Technology

Reportedly, with the help of this bill, the digital agency of the country will denote the terms and the technical specifics along with some other definitions like smart contracts. They will also plan their further steps to legitimize the crypto firms within the rules. In the parliament, the bill was approved with 275 votes in favor, 206 against and 27 abstentions.

Notably, the Italian Senate of the country had passed one more bill on January 23. It was outlined to develop blockchain technology as a valid way to save digital records and to validate legal documents. Moreover, the country is also looking forward to use blockchain for some other purposes also. A member of the Italian Parliament, Maria Laura Mantovani has suggested that Italy is mulling over the idea of integrating blockchain in the voting process. The use of blockchain will enable online voting, bringing more security and ease in the process to handle.

However, she clarified that at present no such projects are going on with the concept of online voting. And that the discussion is purely theoretical at the time. Though, the party is currently interacting with experts to implement such a voting system. Additionally, Italy possesses more than 30 experts in the blockchain and crypto assets to guide the country to correctly implement blockchain as well as to frame robust regulations. Like many other countries, Italy is actively working on crypto regulations.

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on the world's leading digital currencies.

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