VeChain eNFT vaccination certificate approved by San Marino—What does this mean for VET?

• VeChain-based vaccination passport underway
• How does it work?
• How will the news effect Vechain’s native token VET?

YEREVAN (CoinChapter.com) – The Republic of San Marino on Thursday approved a vaccination e-passport built atop the VeChain Thor public blockchain that would enable its online-based verification worldwide.

DNV (Den Norske Veritas), a Norway-based international accredited certification body, provided digital assurance over the project. DNV commented that the vaccination passport would “reduce the risk of counterfeiting” and ensure the high reliability of the information contained in the document.

San Marino officials approved the ‘Decree-Law No. 109 of 16 June’, enabling VeChain to develop the vaccination passport, dubbed “San Marino Digital Covid Certificate.”

Also read: VeChain’s 60.85% bullish bounce risks total wipeout—here’s why?

How does it work?

The Covid Certificate will contain the relevant medical history of the carrier, including negative test results and records of past infections. The said history will be linked to an enterprise non-fungible token (eNFT) on the VeChain network. San Marino government health authorities will approve each Digital Covid Certificate and issue it upon request.

The medical information in the vaccination passport is available upon scanning two QR codes. The first one is for ‘internal use’ within the European Union. The second QR code can be scanned elsewhere globally, providing relevant information to the appropriate authorities.

Will VET be affected?

VET, the native token of VeChain, depends on the success or failure of the blockchain itself. Thus, as VeChain adoption grows, the VET price follows.

The VET/USD exchange rate stood at 0.085 ahead of the London session Friday. The token is traded under a confluence of resistance. A trendline relevant since mid-May halted the token’s breakout attempts on at least three separate occasions. Most recently, VET retested the margin on June 30, correcting downward.

VET also traded under the influence of the 20-day exponential moving average (EMA-20). The token retested the EMA-20 as resistance on June 30 and July 1, failing to break out. The $0.097 price margin, significant since early April, halted the price once again during the past two sessions.

Should the eNFT vaccination certificate find global adoption, it could add a bullish incentive to the token. For now, VET has several support levels in store if the value declines. The current price margin of 0.083 has provided both support and resistance in the recent past. If VET slips below the said line, it could seek support from the $0.067 or the $0.047 margin.

Also read: Could VeChain (VET) crash by another 50%? This indicator shows so

VeChain registered a weekly gain of 10 percent, confluence with the ubiquitous recovery on the crypto market. The upcoming sessions will show if the signed contract with the San Marino authorities adds a positive vector to the VET chain value.