VeChain (VET) and Republic of San Marino sign an MoU
- VeChain will develop a utility token called the “San Marino Innovation Token,” to incentivize their citizens.
- The citizens will be rewarded to act in an environmentally sustainable manner.
VeChain and the Republic of San Marino have signed an MoU (Memorandum of Understanding). The partnership will leverage the blockchain technology to incentivize the citizens to behave in an ecologically sustainable manner.
The parties involved in this MoU were - San Marino Secretariat of Industry, Craft, Trade, Labor, Cooperation and Telecommunications, Republic of San Marino Innovation Institute S.p.A, management systems certification body DNV GL Business Assurance Group AS, and VeChain Foundation Limited.
VeChain will develop a utility token called the “San Marino Innovation Token,” which will reward citizens for engaging in environmentally responsible practices such as water conservation, proper waste management, etc.
Andrea Zafferani, Secretary of State for Industry, Crafts and Commerce, Labor, Cooperation and Telecommunications of the Republic of San Marino, expressed his excitement over the partnership stating:
“We will give life to an initiative that will directly involve citizens, rewarding ecological behaviors, responding to clear needs of the country system such as the reduction of carbon dioxide emissions, energy conservation, and waste management. We have the ambition of becoming the first zero-impact nation.”
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
