Joseph Muscat, the Prime Minister of Malta during the 73rd U.N General Assembly spoke on blockchain technology and virtual currencies. At the assembly, the Prime Minister made a statement saying that: “Cryptocurrencies are the necessary Future of Money,”
Malta is now Referred to as Blockchain Island
The Prime Minister spoke on how Malta which is known around the world as the “Blockchain Island” has established a proper structure to regulate blockchain technology and virtual currencies.
He also spoke on how dedicated Malta is towards the creation of blockchain technology projects and the adoption of cryptocurrencies since they are the future of money. The government of the country believes that blockchain is evolutionary and it has a significant role to play in the political and economic structure of the world.
The Prime minister also believes that the proper implementation of blockchain technology and cryptocurrency could go a long way in helping businesses improve on their transparency and general performance.
The Prime Minister’s Statements
The Prime minister further states that:
“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”.
Furthermore, he talked about how Malta is the only country in the U.N Assembly that gives much thought to Cryptocurrencies. Thereby elaborated on the advantages of Blockchain technology throughout the international market.
He made a statement saying:
“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. These are just a few ways how we can counter regressive and reactionary politics.
From the Prime Minister’s statements, it is clear that he is quite passionate about blockchain technology and cryptocurrency. He further referred to cryptocurrencies as the “future of money”.