Cryptocurrencies Are The Inevitable Future Of Money, Malta’s PM Says

Oct 01, 2018 at 19:41

The head of state of Malta, known as the blockchain island for embracing blockchain and cryptocurrencies, has declared that cryptocurrencies are the future of money.

In his speech during the 73rd Session of the General Assembly of the UN (https://www.youtube.com/watch?v=0QzbiMmuO0k), Malta Prime Minister Joseph Muscat said this is inevitable through the development of blockchain technology.

Recognizing the potential of the technology, Muscat proudly told the UN body that the government of Malta focused on making the island country the primary jurisdiction for blockchain and Distributed Ledger Technology (DLT).

“It is the accessibility to advanced technology that will lead to solutions, hopefully for the whole world. I passionately believe technology revolutionizes and improves systems,” he said.

“This is why in Malta, we have launched ourselves as the blockchain island by being the first jurisdiction worldwide to regulate this new technology that previously existed in a legal vacuum. Blockchain makes cryptocurrencies inevitable future of money,” the Malta PM said.

Apart from digital currencies, Muscat said blockchain and DLTs have a lot of uses like in hospitals, humanitarian aid and government, among others.

”Blockchain can provide solutions to health care systems where patients have real ownership of their medical records,” he said.

“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,” the Malta PM said.

“Corporations will be more accountable to their shareholders. States will have to move from holding information of citizens to regulating an environment where citizens trust the handling of their own data,” Muscat said.

DisruptBlock reported last month that Malta’s Virtual Financial Assets Act (VFA) and the Innovative Technology Arrangement and Services Act (ITAS) will take effect by November.

These laws will coincide with the two-day Malta Blockchain Summit, the first of its kind, on November 1.