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 <a href="https://www.cryptoknowmics.com/news/algo-technical-analysis-algo-signals-start-of-a-new-bull-cycle-at-0-29">Algorand (ALGO)</a> on Tuesday. According to statistics, ALGO was currently trading at about $0.223.

https://twitter.com/Algorand/status/1602667015369531393
<h2>Algorand Rises as Italy Selected for Digital Guarantees</h2>
According to a <a href="https://medium.com/algorand/algorand-chosen-as-public-blockchain-to-support-digital-guarantees-platform-in-italy-cd5d2b4d3c3d" target="_blank" rel="nofollow noopener">release</a>, Algorand accompanied the Bank of Italy and the Italian insurance regulator IVASS on Tuesday to illustrate how bank and financial guarantees were issued on <a href="https://www.cryptoknowmics.com/news/carbon-offsetting-for-blockchains-beyond-regen-network-launches-carbon-marketplace">blockchains</a> 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 <a href="https://www.cryptoknowmics.com/news/crypto-banking-platform-bvnk-wins-registration-in-spain">banking</a> guarantees for the inaugural time in a member state of the <a href="https://www.cryptoknowmics.com/news/eu-commission-issues-proposal-for-study-of-automated-defi-supervision">European Union (EU</a>) from the start of 2023.
<h2>EU Restoration Program</h2>
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 <a href="https://www.cryptoknowmics.com/news/wells-fargo-and-hsbc-expand-dlt-solution-to-include-offshore-yuan">digital ledger technology</a> as part of Italy's National Recovery and Resilience Strategy.

Algorand Rises as Italy Selects for Digital Guarantees Network

The layer 1 technology was chosen to provide an Italian network for digital guarantees leading to a 3% increase in value for Blockchain Protocol Algorand.

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Algorand Rises as Italy Selects for Digital Guarantees Network

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