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The world’s oldest republic, San Marino is setting itself to become a hub for blockchain developments and innovation by partnering up with Estonia-based Polybius.

San Marino Teams Up with Polybius

The small republic of San Marino has revealed via the San Marino Innovation Institute the foundation of a new company which under the microstate’s law will be devoted to developing a unique environment for blockchain invention.

Physical and legislative work is to commence at once to build the and legal framework which will accommodate the state’s aim of becoming a developing center in the blockchain industry.

Executive chairman of San Marino Innovation, Sergio Mottola, told the BanklessTimes:

“The Government of the Republic is willing to take the lead on this transformation and is superbly placed to promote digital innovation through the constitution of a forward-looking legislation and jurisdiction to favor the growing blockchain infrastructure.”

When questioned about the longevity of digital assets regarding investments and whether the current values are suggestive of a bubble Mottola stated the following,

“We are not interested in short term or opportunistic policies to take advantage of the speculation surrounding today’s cryptocurrency world. Rather, we are intrigued by the revolution implicit in the underlying technology; the blockchain, which we expect to bring an impact on the global economy greater than what the Internet has.”

Developing Hub for Blockchain Creations

The collaboration between San Marino Innovation and Polybius will enable San Marino to make use of the Estonian company’s high-end digital identification technology to create industry-leading authentication systems.

Polybius has been a major creator of blockchain technology via their HashCoins OÜ company. Co-founder Ivan Turygin expects that their knowledge and experience will help shape San Marino into a prime destination for blockchain advancements.

Co-founder Sergei Potapenko believes that Polybius’ past experience in developing solutions for blockchains will make this a successful partnership.

“In the past, we have developed and implemented solutions ranging across password-free authorization, data storage and notary services.” Said the co-founder.

Andrea Zafferan, Secretary of State for Economic Development of San Marino, talked about the collaboration being at the base of the republics development plan to turn into the world’s most important blockchain hub. “We are the world’s oldest republic and we are proud to begin a transformation lead by technology,” added Zafferan.

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