The Republic of San Marino has announced a partnership with the project developer Polybius in Estonia to create the infrastructure, regulations and expertise needed to become one of the world's most critical crypto centers.
The San Marino Innovation Ministry is also working with the consultancy firm Olympus Advisors to create a company that will develop a blockchain ecosystem at national level.
The new project is based on Polybius's Digital ID technology, which it wants to transform into an identity management mechanism that will be used to authenticate and verify personal data in line with European personal and private data management initiatives.
Polybius has recently opened a headquarters in Brussels to facilitate access to EU institutions issuing directives and regulations at Union level.
"We were pioneers of DLT technology through our HashCoins company, and now we are able to contribute with our expertise to support the Republic of San Marino's desire to become a blockchain hub. We also want to offer motivation to the government to continue to develop the long-term cryptos industry "
said Ivan Turygin, co-founder of Polybius.
"Our experience includes the development of practical solutions on multiple blockchains. In the past, we have created and deployed numerous solutions, ranging from non-password authorizations, to the storage of notarial data and services "
added the second co-founder, Sergei Potapenko.
"We are one of the oldest republics in the world and we are proud to initiate this transformation based on new technologies. This partnership will have a significant impact on the economy, and the innovation sector is at the center of our development strategy. The Republic is also planning to adopt a legislative system that will ensure our transformation into one of the most important blockchains in the world,
said Secretary of State Andrea Zafferani.
"San Marino is ideally placed to become an innovator with this type of technology. We are not interested in short-term profit or opportunistic policies to take advantage of speculation around cryptomonas. We are rather intrigued by the revolutionary potential of the technology behind them - blockchain, which we believe will have a greater global impact than the internet "
said Sergio Mottola, executive director of San Marino Innovation.
Mottola added that San Marino has a constitution that supports the adoption of laws favorable to the blockchain infrastructure and that the authorities are willing to open direct dialogues with international investors by giving them a business environment beneficial to the digital economy.
At present, the legislative bodies of San Marino are working on drafting a package of laws to apply to the crypto industry. Similarly to Malta and Switzerland, San Marino wants to position itself as a pretentious jurisdiction for companies interested in developing projects based on blockchain technology.
Can you imagine OLDEST Republic in the world to become The next Blockchain Hub . Sounds Great
More information you can find here:
https://www.nasdaq.com/article/tiny-san-marino-has-big-plans-to-become-a-top-blockchain-hub-cm952427
https://bitcoinmagazine.com/articles/tiny-san-marino-has-big-plans-become-top-blockchain-hub/
https://www.newsbtc.com/2018/04/24/worlds-oldest-republic-become-next-blockchain-hub/
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