Malta Prime Minister Joseph Muscat

Malta’s Prime Minister to UN: Crypto is the Future

During the United Nations general assembly, Maltese Prime Minister Joesph Muscat passionately declared that cryptocurrencies are the “inevitable future of money.” He went on to remark on several of cryptocurrencies benefits over traditional currencies in his September 27th speech.

Malta, which has been dubbed “blockchain island,” has long championed cryptocurrencies and has become a hub for blockchain startups.

Solutions Do Not Come From Closing Doors

Muscat delivered a whole-hearted speech regarding blockchains’ innovative technology. He emphasized that turning a blind eye to the upcoming technology is akin to not wanting a change from horse cart to the automobile. He said, “the digital state will be best poised to have a future-proof society…Where change does not galvanize extremes but provides decades of sensible, mainstream policy making, and prosperity.”

He noted that blockchain’s sudden popularity has caused uneasiness amongst the world’s governing bodies. “There are challenges in this fast and obvious transition to a digital economy and society. These challenges have to do with the very nature of concepts that we believed would stay with us forever […] but solutions do not come by closing doors.”

Technology to Improve the World

Muscat outlined the possible future use cases that can leverage blockchain technology. His ideas included streamlined humanitarian aid, applying algorithms to solve diplomatic negotiations, fighting terrorism, making money transparent, and data accountability.

He said that distributed ledger technology could do much more than act as a currency. Noting that the current norm for patient data handling is reliance upon third parties, Muscat stated, “They can provide solutions to healthcare systems where patients have real ownership to their medical records.” He went on to say that distributed ledger technology (DLT) can increase personal data ownership rather than the current method of states “hoarding” citizen data.

With an efficient DLT network, Muscat believes that the world can place itself on a path free of “counter regressive and reactionary politics.”

First World Jurisdiction for Blockchain Technology

Muscat was proud to announce that Malta is the first country to regulate cryptocurrencies and blockchain. On July 4th, 2018, Malta’s Parliament enacted three laws the provide legal certainty in regards to DLT.

By doing so, blockchain startups have flocked to Malta, and in effect are catapulting its economic growth.

One notable company that has worked extensively with Malta is the crypto exchange giant Binance. Once regulatory uncertainty forced Binance out of Japan earlier this year, they found the open arms of Malta. Recently, Binance and the Malta Stock Exchange signed an MOU to launch a security tokens trading platform. Other notable exchanges such as OKex and Bitbay have followed suit.

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