Republic of San Marino Signs MoU With Blockchain Platform VeChain

The Republic of San Marino has signed a Memorandum of Understanding with blockchain application platform VeChain.

Per the agreement, the two entities aim to deploy blockchain technology to incentivize sustainable ecological behavior from citizens, local news agency askanews reported on July 22.

The cooperation is part of San Marino's strategy to create and promote an ecosystem of technological innovation and facilitate digital transformation.

The parties will work together to encourage citizens to adopt more environmentally friendly behavior that reduces carbonic-acid gas emissions, saves water and reduces waste.

The program would reward citizens with so-called San Marino Innovation Tokens issued by San Marino Innovation, which can subsequently be used to access services offered within the Republic.

The token's underlying blockchain technology will be based on VeChainThor Blockchain.

"We will give life to a project that will directly engage citizens and reward their sustainable behavior, while also meeting the country's demands in regards to CO2 emissions reduction, water saving and waste disposal and management. Our ambitious goal is to become the first zero-emissions country in the world."

Sergio Mottola, President of San Marino Innovation, stressed that the program is, "a clear sign of the attractiveness generated by San Marino in regard to technological innovation: these are real projects that will soon provide tangible results."

The MoU comes in the wake of a governmental decree on blockchain tech for businesses by the captains regent of the Republic of San Marino, Nicola Selva and Michele Muratori in June.