Last week, a Memorandum of Understanding was signed between the Republic of San Marino Secretary of State for Industry, Trade, Business, Cooperation, and Telecommunications, Republic of San Marino Innovation Institute S.p.A, DNV GL Business Assurance Group AS and the VeChain Foundation.
VeChain and DNV GL, together with San Marino Innovation, will guide the Republic toward the adoption of blockchain technology, crypto-utility token infrastructure, and utility token use cases, in order to define models capable of incentivizing sustainable behavior from its 33,562 citizens.
The first carbon-neutral country
The “San Marino Low Carbon Ecosystem” was proposed by DNV GL, in collaboration with VeChain. It aims to reduce CO2 emissions and subsequently, implement circular economy business models.
The platform will encourage environmentally friendly practices such as water saving, waste disposal, and management. The practices will be rewarded through a utility token, the San Marino Innovation Token (SMIT) issued by San Marino Innovation, which can be used to access services offered within the Republic.
The introduction of the low carbon ecosystem represents a first global example of incentivization top-down from a national level government body to the nation’s citizens through the use of blockchain technology and a utility token issued on the VeChainThor Blockchain. This will be the first of many dynamic use cases of SMIT within the Republic. In the future, working groups among the two partners involving technical and legal specialists as well as institutions will be established to guarantee swift and effective operations.
“We are particularly proud of this Memorandum of Understanding that certifies the Republic of San Marino as the ideal place to foster a culture of experimentation and bring blockchain to our everyday lives. We’ll 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.”
– Andrea Zafferani, Republic of San Marino Secretary of State for Industry, Trade, Business, Cooperation, and Telecommunications
Leveraging trust and transparency of blockchain to power sustainability
“VeChain’s fundamental strategic goal is to push for Blockchain mass adoption in a manner that will change people’s lives for the better. We are pleased and excited to work with San Marino and DNV GL to help create a country level top-down driven ecosystem and the launch of the San Marino Innovation Token with blockchain utility at its core. The initiative is significant and unique to any country-led blockchain project. We are excited to be part of this impressive accomplishment and honored that San Marino Innovation selected the VeChainThor Blockchain to be the underlying blockchain technology infrastructure that will power the token. This is not just a significant milestone achieved for VeChain, but for the entire blockchain community. We will utilize all of our technical know-how, our tokenization experience and the global influence of the VeChain ecosystem to make sure this project can create a tremendous amount of value to the citizens of San Marino.”
– Sunny Lu, Founder of VeChain
Real projects kick-off after a full year of intense work
“This is an excellent accomplishment that comes after a year of intense work and activities. We are proud to have signed the Memorandum of Understanding together with DNV GL Business Assurance Group AS and VeChain Foundation Limited, as this represents a clear sign of the attractiveness generated by San Marino in regards to technological innovation. These are real projects that will soon provide tangible results. We demonstrated that the political strategies aimed to reward the citizen, which are already partially in place through the SmaC circuit, paired with blockchain technology, recently regulated by a Decree-Law ratified a few months ago, can successfully attract relevant partners. The San Marino Innovation Token is the right catalyst to encourage investments and deliver ambitious projects.”
– Sergio Mottola, President of San Marino Innovation
“San Marino represents a unique opportunity to create a bridge between the digital and the traditional world. A major step toward the rapid adoption of such projects, that lay the foundation for a future of meaningful interaction among individuals sharing the same vision: creating a tangible, positive impact for our planet. We’re happy and proud to be part of this project, to build a future that here, in San Marino, already exists.”
– Renato Grottola, Global Director – M&A and Digital Transformation, DNV GL – Business Assurance
The VeChain is a public blockchain that is designed for mass adoption of blockchain technology by enterprise users of all sizes. VeChainThor is intended to serve as a foundation for a sustainable and scalable enterprise blockchain ecosystem, supported in part by VeChain’s novel governance and economic models and unique protocol enhancements.