A tiny nation of San Marino has decided to become the cryptocurrency capital of the world. The microstate announced this ambitious goal earlier last week, after confirming that they struck a deal with Polybius, an Estonia-based blockchain technology developer.
The two sides agreed to turn San Marino into one of the leading blockchain hubs of the world. They plan to achieve this by developing the infrastructure and regulations that will help future cryptocurrency-related businesses start their projects.
Andrea Zafferani, the Secretary of State for Economic Development of San Marino, elaborated more on this project. He said, “We are the world's oldest Republic, and we are proud to begin a transformation led by technology. We believe this partnership will have a significant impact on the economy, growing the innovation sector, which is at the core of our development strategy. The Republic will also acquire a state of art set of regulations to become a world-leading blockchain hub.”
Why this move?
It’s no secret that many blockchain-based projects, regardless if they are starting an Ethereum gambling platform or some other new-technology business, are marked as frauds right from the start. This is mainly because this they don’t have firm regulations.
But if San Marino manages to accomplish their goal, this could change quickly. San Marino could develop an infrastructure for blockchain businesses to help them legitimize their projects. However, San Marino didn't go into details of how they will achieve this.
Furthermore, the tiny republic is not the only country with this idea. Malta is drafting similar legislation in hopes of becoming the leading hub for cryptocurrency startups. Plus, the town of Zug in Switzerland received a title of the “Crypto Valley” because of their blockchain-friendly approach.
It’s still too early to tell who will become the cryptocurrency capital of the world. However, one thing is sure; blockchain-based companies will enter the mainstream market sooner rather than later.