Malta’s Prime Minister, Joseph Muscat has told the United Nation that he believes cryptocurrency is the “inevitable future of money”. Muscat made the remarks as he addressed the general debate of the 73rd Session of the General Assembly of the United Nations on September 27th. And in 2 days he is taking part in the biggest crypto-related event of the year, Malta Blockchain Summit to support the “Blockchain Island” initiative.
The Prime Minister made an enthusiastic case for crypto, citing it as a transformative combination of cutting-edge technology with immense political impact and talking about the possibility of creating a new “digital state”.
“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,” he added.
He then argued that distributed ledger technologies (DLT) have the potential to transform civil, political, and corporate systems. Mr Muscat explained that the possibility to solve decades old problems was a big reason for pushing Malta to be “the Blockchain Island”. Malta has recently become the first jurisdiction in the world to regulate the technology, paving the way for regulatory certainty and clarity, as well as removing the industry from a “legal vacuum”.
He also talked of creating a place where no one is deprived of their legitimate property because of compromised data, that corporations become more accountable to their shareholders, and that states move from hoarding information on their citizens to regulating an environment where citizens trust the handling of their own data. In the healthcare sector, Muscat spoke of a system where patients could have real ownership of their medical records, where the administration would be more efficient and therefore save significant sums that would be better spent elsewhere within the system.
But, despite the Prime Ministers praises, he spoke of hurdles that the industry faces, noting that:
“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.”
In June the Maltese parliament passed three DLT and crypto bills that are due to come into force tomorrow on November 1st 2018, after being put back from the original enforcement date of October 1st.
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