‘Blockchain Makes Cryptocurrencies the Inevitable Future of Money’ Claimed Malta’s PM

October 1, 2018

3 min read

Malta is known as one of the crypto-friendly countries. Recently, the country’s Prime Minister spoke for the first time to the United Nations about the authorities’ intentions to develop blockchain technology and encourage the increase in the adoption rate of crypto assets.

Malta is targeting long to become a “Blockchain Island”. Present at the 73rd Session of the United Nations General Assembly, the Prime Minister of Malta, Dr. Joseph Muscat impressed the those present with his speech. He underlined the personal vision on the future of virtual assets, sharing that these will become the “future of money”.

He pointed out that, through blockchain technology, the integration of cryptocurrencies could significantly enhance the overall efficiency and transparency of business. Bearing this in mind, Mr. Prime Minister sustains Malta’s plan to become the most powerful “Blockchain Island”.

“I passionately believe technology revolutionizes and improves systems.

Which is why, in Malta, we have launched ourselves as the Blockchain Island by being the first jurisdiction to regularise a new technology that previously existed in a legal vacuum.”

“Blockchain makes cryptocurrencies, the inevitable future of money, more transparent since it helps filter good business from bad business”Malta is the only country in the United Nations Assembly that has given cryptocurrency a leading role in its discourse. It is important to note that Mr. Muscat chose to touch on the subject as the icing on the cake, closing his emotional speech with an important reflection on the potential of blockchain technologies to consolidate a better future.”

Joseph Muscat shared an in-depth analysis

Furthermore, Muscat has presented an in-depth analysis of blockchain tech by explaining its pros in relation with the international ecosystem. The use of cryptocurrencies for Malta is seen as the top of an iceberg, as blockchain “can do much more”:

“But these Distributed Ledger Technologies can do much more. It can provide new solutions to health care systems where patients have real ownership of their medical records. Emissions trading systems can be taken to the next level. We can help verify that humanitarian assistance is reaching its intended destination. We can make sure that nobody is deprived of their legitimate property because of compromised data. Corporations will be able to become more accountable to their shareholders. States will need to move from hoarding information on citizens to regulating an environment where citizens trust the handling of their data.