The cryptocurrency VeChain becomes an official member of the first blockchain consortium of the Republic of San Marino as the latest cryptonews show. This was done in order to introduce the new technology in the country.
With this new consortium, the regulation and adaptation of the blockchain in the state is expected to be advanced. By signing a Memorandum of Understanding with DNV GL and a couple of other partners last September, the company behind VET established a sustainable blockchain based ecosystem.
The goal for now is to reduce the CO2 emissions and protect the environment in the Republic of San Marino. This small republic has recognized the chances of the blockchain at an early stage and is still researching possible applications in practice.
Currently coordinated by Alessandro Rossi who is the Vice President of the Institute, the working group includes several founding members including Renato Grottola, Director for Digital Transformation of DNG VL and member of the steering committee of the VeChain Foundation, Vincenzo Di Nicola, advisor to the government of San Marino in the field of Blockchain and Sara Noggler, founder of Polyhedra.
As we could see in the announcement which made it to the VeChain news, the main initiatives for the consortium are designed to promote ideas and visions and attract investors on an international level. Furthermore, the entire competitiveness of San Marino in the blockchain sector will be further developed and promoted.
As VeChain becomes member of this consortium, the first meeting for the working group is scheduled to take place until the end of this month, where the foundation for the development of the new blockchain hub in Europe should be laid.
All of this hints on the potential of VeChain and how it is now recognized by many institutions. The co-founder of CREAM named Jackson Fu, which is an incubator for blockchain companies, has recently spoke about VeChain and how it can solve core problems of the industry which no other cryptocurrency project can bring to production.
Furthermore, authorities in China also acknowledged VeChain’s potential recently, describing the project as one of the most innovative companies in the blockchain industry.
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