Italy’s Ministry of Economic Development indicated on Tuesday that a subsidy has been counted for certain blockchain, Internet of Things (IoT) and artificial intelligence (AI) projects. This grant will be distributed from September. The Ministry indicated that both public and private research companies can apply.
“We support companies’ investments in advanced technologies with the aim of encouraging the modernization of production systems through management models that are increasingly interconnected, efficient, secure and fast.”
“The goal of high competition within the sector requires industry to continuously innovate and utilize the potential of new technologies.”
According to the Italian Minister of Economic Development Giancarlo Giorgetti. The fact that the government is making this amount available is due to a decision that was taken in December 2021 about how this pot of money should be used. An additional decision was also made last month on the requirements these companies must meet in order to be eligible for the grant.
Internet of Things, artificial intelligence & blockchain
This showed that any company, regardless of how large, can apply for this subsidy, provided the money is of course used for IoT, AI or blockchain applications. This may be in multiple sectors, including manufacturing, tourism, healthcare, environment and aerospace.
The fund will initially have a budget of €45 million. Companies can apply for grants between €500,000 and €2,000,000 for investments in the above technologies.
As part of the European Union (EU), Italy will also feel the impact of the laws and regulations issued by the Parliament of the EU regarding crypto issuers and cryptocurrency service providers. The purpose of this legislation is to bring all the different jurisdictions under one umbrella.