The Ministry of Economic Development of Italy reportedly disclosed an initiative seeing particular blockchain initiatives clear to apply for a maximum of $46 million in government subsidies, beginning September.

Specifically, the Ministry reportedly revealed that firms and public or private research entities will have the freedom to submit applications for funding from the authority, regarding the design of initiatives associated with artificial intelligence, the Internet of Things and blockchain. 

Initially, the budget for the fund will be 45 million euros – approximately $46 million at the time of publication – to cover expenses and costs within the range of 500 thousand (equivalent to $512,150) to 2 million euros ($2,048,600) as one of the Italian authority’s targets for investments in technology, research and innovation.

“We support companies’ investments in cutting-edge technologies with the aim of encouraging the modernization of production systems through management models that are increasingly interconnected, efficient, secure and fast,” Minister of Economic Development Giancarlo Giorgetti, additionally remarked. 

Per Giorgetti, “the goal of competitiveness” reportedly sees the manufacturing sector to keep on generating innovations and utilize the potential perks technologies have to offer.

The government directive was able to be carried out to a particular extent in December last year, putting in place criteria for using the fund, as well as a subsequent one in June this year where the Ministry set the terms and conditions for submitting applications. 

Per the decree, establishments of any scale will be clear to submit application for subsidies on the conditions that the funds will to be dedicated towards IoT, AI or blockchain in different spheres, including industry and manufacturing, tourism, health, the environment and aerospace.

A member of the European Union, Italy would likely be affected by recent regulations agreed upon by the EU Parliament aiming to bring crypto issuers and service providers within its jurisdictional control under a single regulatory framework.