CoinDesk reported that blockchain protocol Algorand (ALGO) rose by about 3% on Tuesday following its selection to support a digital guarantees platform in Italy. The platform, expected to be operational in early 2023, marks the first use of blockchain technology for bank and insurance guarantees by an EU member state. Algorand joined the Bank of Italy and Italian insurance authority IVASS at a Milan event hosted by CETIF to demonstrate blockchain-based guarantees. Federico Rajola from CETIF cited Algorand’s innovation, security, and sustainability as reasons for its selection. This initiative is part of the EU's "EU Recovery Plan," which allocated around 200 billion euros to Italy to aid economic recovery post-COVID-19. A significant portion of bank and insurance guarantees will utilize digital ledger technologies under Italy's National Recovery and Resilience Plan.
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