VeChain (VET) Inks MoU with the Republic of San Marino

As stated in the release, VeChain has inked a partnership deal with San Marino’s Secretariat of State for Industry, Crafts and Trade, Labour, Cooperation and Telecommunication, DNV GL Business Assurance Group AS and the Institute for Innovation of the Republic of San Marino.

The partnership is aimed at collaboratively developing the “San Marino Low Carbon Ecosystem” project which will promote ecological behaviors that reduce the emission of carbon monoxide into the atmosphere.

VeChain will be responsible for developing the San Marino Innovation Token, a utility token which will be used to reward citizens that engage in sustainable practices such as water conservation, proper waste management and more.

The team says citizens will be able to use the San Marino Innovation Token to access some government services. Asides the low carbon emission initiative, the government plans to formulate other blockchain-based sustainable projects. It also plans to set up two dedicated groups that will be made up of technicians, lawyers, as well as institutions to facilitate the project.

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