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Gungun Bhatia
Dec 14, 2022
by Gungun Bhatia

Algorand Rises as Italy Selects for Digital Guarantees Network

Algorand Digital Guarantees

Table of contents

  1. Algorand Rises as Italy Selected for Digital Guarantees
  2. EU Restoration Program
The layer 1 technology was chosen to provide an Italian network for digital guarantees, which led to a 3% increase in value for Blockchain Protocol Algorand (ALGO) on Tuesday. According to statistics, ALGO was currently trading at about $0.223.

Algorand Rises as Italy Selected for Digital Guarantees

According to a release, Algorand accompanied the Bank of Italy and the Italian insurance regulator IVASS on Tuesday to illustrate how bank and financial guarantees were issued on blockchains at an event organized by the Research Center for Technologies Innovations and Finance (CETIF) in Milan. When a finance company offers a bank guarantee, it assures that the debtor will be able to pay obligations.

According to the announcement, the new operating system would enable the implementation of blockchain technology for insurance and banking guarantees for the inaugural time in a member state of the European Union (EU) from the start of 2023.

EU Restoration Program

The action is a component of the wider EU Restoration Program that the EU launched and as part of which Italy received about 200 billion euros. Following the COVID-19 crisis, the initiative was started to support economic recovery. Italy received a significant amount of any nation designated for co-grants and co-loans.

According to the news release, a considerable portion of the bank and insurance assurances will likely utilize digital ledger technology as part of Italy's National Recovery and Resilience Strategy.

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Banking Blockchain Protocol Algorand (ALGO) Digital Guarantees Network Research Center for Technologies Innovations and Finance (CETIF)
Algorand Rises as Italy Selects for Digital Guarantees Network
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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