- Malta PM tells UN assembly Blockchain technology will enable crypto to become the money of the future
- Malta has focused on creating and enabling crypto ecosystems since early 2018
- The country is looking to become one of the friendliest countries to crypto in the world
Malta’s Prime Minister Joseph Muscat has told the UN General Assembly that he believes “blockchain technology is making cryptocurrencies the inevitable money of the future.” In recognizing the potential of Decentralized Ledger Technology (DLT), Malta has openly embraced the crypto market and called itself a “blockchain island.”
Addressing the General Assembly
The prime minister was addressing the 73rd Session of the UN General Assembly where he stated that his country is already leading the rest of the world in the cryptocurrency sector with favorable regulations and practical policies adding that the ‘blockchain island’ was the first jurisdiction to regulate blockchain technology which has “previously existed in a vacuum” (That’s not… completely true, but certainly Malta is years ahead of most countries). The Prime Minister further stated:
“Blockchain makes cryptocurrencies the inevitable future of money, more transparent since it helps filter good businesses from bad businesses. But these distributed ledger technologies can do much more.”
Speaking further, the PM noted that blockchain technology has the potential to create a health care system where patients can have “real ownership of their medical records.” These, according to him, will confirm whether humanitarian assistance is reaching the intended recipients.
Muscat also suggested that among other use cases for blockchain technology is “making sure nobody is deprived of their legitimate property because of compromised data.” Corporations, according to the PM will also become more accountable to shareholders while governments will be forced to create an environment where citizens can trust how their data is handled.
Since the beginning of 2018, Malta has focused time and resources to build a friendly ecosystem for blockchain and cryptocurrency businesses. The country has sought to become the world’s friendliest jurisdiction to lead the nascent industry and gain from the benefits associated with crypto-based companies.
Changpeng Zhao, the Chief Executive Officer of Binance, said in March his company was dedicated to investing in Malta and its crypt industry to help develop the local blockchain industry. Bloomberg stated that Binance was keen on hiring up to 200 people in the country to prepare a ground for its planned relocation to Malta. Binance of one of the world’s leading cryptocurrency exchanges with over 10 million users and a quarterly profit of $200 million.
The ambitious plan by Malta to become a leader in the world of blockchain and cryptocurrency has enabled the country’s economy to explode and solidify the position of Malta as a leading light in blockchain development. The regional governments of Seoul, Jeju Island and Busan in South Korea have announced their intentions to replicate the success of Malta in matters blockchain.