Malta’s prime minister Joseph Muscat has used his platform at the united nations general assembly to speak out on the potential of blockchain and cryptocurrency calling them “an inevitable” part of the digital future. Muscat raised Malta’s move to set up Malta as a ” blockchain island” and said the nation is the first jurisdiction worldwide to regulate the technology that previously existed in a legal vacuum.
In his words
Blockchain makes cryptocurrencies the inevitable future of money, more transparent since it’s helps filter good businesses from bad businesses. Muscat continued “distributed ledger technology has the potential to give patients “real ownership” of their medical records, it can verify that humanitarian assistance is reaching its intended destinations and help bring more accountability to corporations and governments
This unflinching support for the cryptocurrency and blockchain industry has earned Malta laudable praises by the global cryptocurrency sector; with most established companies like Binance and other emerging startups all actively building or making moves to invest in the nation especially as the country’s crypto legal framework remains very favourable in contrast to stricter legislation by few other countries.
stating further the benefits of blockchain utility, Malta’s Prime Minister referenced the utilization of blockchain in major human industries like health care and charity as he believes blockchain will promote a health care system where patients have real ownership of their medical records and verification of humanitarian aid by charities is made possible to ensure assistance reaches the intended recipients with no one deprived of his legitimate property due to compromised data.
Passionately Stating his case for blockchain in a socio-political landscape and defending Malta’s adoption of this technology, he stated that the impact of emerging technologies being paired with a new state, will breed a ‘digital state’ for a future proof society hence, ultimately eliminating decades of problems in the current political, civic and corporate systems.
He also stated that
There are challenges in this fast and obvious transition to a digital economy and society. These challenges have to do with nature of concepts or systems that we believed would stay with us forever…but solutions do not come by closing doors. Resisting technological change would be as advocating for horse carts not to be replaced by automobiles.
Malta’s stance on Blockchain and cryptocurrency in this recent UN general meet up sheds more light on Malta’s strong resolve in the crypto ecosystem as the nation maintains a forerunner status with its blockchain island development agenda while laying a blue print for other nations to follow.