The Italian Ministry of Economic Development has announced that certain blockchain projects will qualify to apply for up to $46 million in government subsidies.
The Ministry said companies and public or private research firms will be able to apply for funding from the government for the development of projects related to artificial intelligence and blockchain technology. The fund will have an initial budget of 45 million euros for expenses and costs from 500 thousand to 2 million euros as part of the Italian government’s objectives for investments in technology, research and innovation.
The government directive was made possible by a decree in 2021 establishing conditions for using the fund and a subsequent one in June 2022 in which the Ministry set the terms and conditions for submitting applications. According to the decree, companies of any size will be eligible to apply for subsidies provided the funds will be used for AI or blockchain in sectors including industry and manufacturing, tourism, health, the environment and aerospace.
