Italy to Legalise Blockchain and Smart Contracts Timestamping

Italy to Legalise Blockchain and Smart Contracts Timestamping

Italian Senate published a proposal of change to add distributed ledger technology and smart contract related terms to the Senate Act No 989 that was approved on December 2018, according to a note published by the Senato della Reppublica.

The Proposta di modifica n. 8.0.3 al DDL n. 989 talks about distributed ledger technology and smart contracts as secure digital information that can be used for registration, validation and identification of interested parties.

The Senate is proposing the use of smart contracts for legal effects and electronic time validation referred in the European regulation number 910/2014.

Following the sanctioning and 90 days from the entry into force, the Agenzia per l’Italia Digitale will research and set the terms of uses and conditions for validation.

Italy is one of the seven signing countries of the Join document of Mediterranean countries asking for a pro-blockchain environment published in November.

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