The Island of Malta continues to make headlines with its Blockchain Island initiative especially as both government and other institutions in the country have embraced cryptocurrencies and blockchain technology.
Speaking at the United Nations 73rd General Assembly, Malta Prime Minister Joseph Muscat reemphasized his stance that blockchain technology as a tool will allow Bitcoin and crypto to inevitably gain widespread mass adoption and become the future of money. This assertion by Mr Muscat falls in line with his previous discuss where he stated his belief that bitcoin and blockchain have the ability to eliminate third party service providers, giving users more freedom over information and money.
In his words, he opined;
I passionately believe technology revolutionizes and improves systems, this is why we (Malta) 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 the inevitable future of money. More transparent, it helps filter good business from bad business.
This bullish stance and unflinching support of the crypto 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.
Analyzing 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.
Stating his case for blockchain in a socio-political landscape and defending Malta’s adoption of this technology, he posits 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.
Malta’s number one citizen however recognized the present resistance of this new technology which a few nations have labeled as ‘disruptive’ technology. He states;
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.
The UN meet up puts more public light on Malta’s strong resolve in the crypto ecosystem as it maintains forerunner status with its blockchain island development agenda while laying a blue print for other nations to follow.