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San Marino becomes Blockchain pioneer

The dwarf state of San Marino wants to develop into a leading blockchain centre. The San Marino Innovation Institute is cooperating with the Estonian Blockchain project Polybius. One goal of the collaboration is to develop a legal framework for the blockchain industry. The plans were announced by the San Marino Innovation Institute on April 24.

“We are the oldest republic in the world and we are proud to begin a technology-driven transformation. We believe that the partnership between the Institute of Innovation and Polybius will have a significant impact on the economy, generating growth in the field of innovation, which is at the core of our development strategy. The Republic will also develop state-of-the-art regulatory measures to become a world-leading blockchain center.”

Innovation in San Marino

With the work on an all-encompassing legal framework for the blockchain industry, the small state surrounded by Italy begins immediately. San Marino wants to develop into a “reliable and proactive partner for the industry”.

The joint venture between the Innovation Institute and Polybius will also enable San Marino to use Polybius’ Digital ID technology. This will enable San Marino to use new identity mechanisms for authentication and verification.

Sergio Mottola, CEO of the San Marino Innovation Institute, talks about long-term plans with the blockchain:

“San Marino is in an ideal position to become an innovator in this area of technology. We are not interested in pursuing short-term or opportunistic strategies to take advantage of the speculation surrounding the current world of crypto currencies. Instead, we are interested in the revolution that is included in the underlying technology: the blockchain, which we expect to have a greater impact on the world economy than the Internet.”

San Marino continues to pursue the goal of seeking direct dialogue with developers around the world. They want to provide them with an environment in which businesses based on the digital economy can thrive.

Sergei Potapenko, co-founder of Polybius, says about the success of Polybius so far:

“Our broad experience includes the development of practical solutions on numerous blockchains, first and foremost Emercoin. In the past, we have developed and implemented solutions for password-free authorizations, data storage and notarial services”.

We are excited to see what concrete solutions the company is developing in San Marino.

About San Marino

San Marino (Italian Repubblica di San Marino, nicknamed La Serenissima) is the oldest existing republic in the world with a history supposedly dating back to 301. It is an enclave completely surrounded by Italy and lies between the regions of Emilia-Romagna (province of Rimini) and Marche (province of Pesaro and Urbino), near the Adriatic coast of Rimini. The ridge of Monte Titano is crowned by the three fortresses of Guaita, Cesta and Montale.

San Marino is not a city-state, but consists of nine municipalities. San Marino has about 30,000 inhabitants, another 13,300 San Marino citizens live abroad (mainly in Italy).

San Marino forms a customs union with the states of the European Union. Special rules also apply to economic relations with Italy, which are governed by a large number of treaties.

San Marino has no natural resources. The state’s land is mainly used for agriculture and forestry. Until the 1960s, the San Marinese lived mainly from agriculture, livestock breeding and the quarrying of stones from the local quarries. Since then, San Marino has seen a steady boom in crafts and trade, but also in industry – not least due to the strong influx of tourists: every year, around 2 million tourists visit the small republic.