The Republic of San Marino is a microstate completely surrounded by Italy — presented plans for its development as a leading world center of the blockchain.
San Marino Innovation, the Department focused on innovation, confirmed
the creation of a joint venture with the Estonian developer of the technology of the blockchain Polybius. In partnership with San Marino wants to develop the infrastructure, management and technical knowledge to become the center of the blockchain. A 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 new companies in the development space of the blockchain.
«We are the world’s oldest Republic, and we are proud to begin its conversion under the auspices of the technology,» said Secretary of state of San Marino on economic development of Zafferani Andrea (Andrea Zafferani). «We believe that this partnership will have a significant impact on the economy and the transformation of the innovation sector, which lies at the heart of our development strategy. Republic will also take relevant regulation to become a leading world center of the blockchain».
The statement stressed that the Republic of San Marino intends to become the reliable and active partner of the legal industry of the blockchain, and therefore will begin to develop a comprehensive legislative framework. Despite the fact that today was made available only a small piece of information about plans of the Republic, it is easy to guess that San Marino wants to position itself as a friendly blockchain jurisdiction, for example, «Cryptocoryne» in Switzerland. This will allow the government to attract the blockchain of the company, their capital and expertise in this region. Malta — another small European state — is currently embodies
in life a similar plan.
San Marino plans to use the technology Polybius Digital ID to create new authentication mechanisms for authentication and verification in accordance with the applicable European laws for the management of personal data. Recently Polybius moved to Brussels to be closer to the headquarters of key EU institutions responsible for directives and regulation in the EU.
«San Marino is perfect in order to become an innovator in this technology,» said Sergio Mottola (Mottola Sergio) Executive Chairman San Marino Innovation. «We are not interested in short-term or opportunistic politics, with the aim of speculation in the hype around the cryptocurrency industry. We are intrigued by the revolutionary changes that could bring the underlying technology – the blockchain. We believe that it will have a greater impact on the global economy than the Internet.»
«We were pioneers of the technology of distributed registry with our company HashCoins,» said Ivan Turygin, co-founder of Polybius. «Now we can bring this experience to the project, which will contribute to positioning San Marino as a center of innovation and provide a powerful incentive for governments to continue to develop the industry in the long term.»
«Our extensive experience includes the development of practical solutions in several networks of the blockchain in the first place — in Emercoin», — said Sergey Potapenko, co-founder of Polybius. «In the past we have developed and implemented solutions in various fields, including password-less authentication, data storage and notarization».