Italian government to provide subsidies up to $46 million for blockchain companies

The Ministry of Economic Development of Italy plans to provide up to $46 million in subsidies for developing projects across blockchain, artificial intelligence, and Internet of Things technologies. 

The new policy starting mid-to-late September is expected to strengthen industry innovation and research capabilities. A decree in December 2021 establishing criteria for using the fund made this government directive possible. In another decree, in June 2022, the Ministry set the terms and conditions for submitting applications.

Minister of Economic Development, Mr. Giorgetti, in a press release, said that the government support investment of the companies in cutting-edge technologies and their aim of encouraging the modernization of production systems through management models that are efficient, secure, interconnected, and fast. He added, "The goal of competitiveness requires the manufacturing industry to innovate and use the potential of new technologies constantly."

According to the decree submitted in June 2022, companies of any size will be eligible to apply for subsidies. The funds will be used for the Internet of Things, blockchain, or Artificial Intelligence in sectors including tourism, health, industry and manufacturing, the environment, and aerospace.