Malta PM Very Positive on Crypto, Said is the Inevitable Future of Money
During the United Nations’ General Assembly, Malta’s prime minister Joseph Muscat said that the blockchain technology will likely to allow cryptocurrencies to become the next form of the money.
Muscat and his country Malta, known with their cryptocurrency friendly policies as the leading cryptocurrency firms including world’s largest cryptocurrency exchange Binance, has moved its headquarters across the country. During his speech, Muscat stated:
“I passionately believe technology revolutionizes and improves systems. 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. More transparent it helps filter good business from bad business.”
Muscat stated Malta waiting cryptocurrency businesses with open arms as he also noted that Blockchain technology could be future of the global financial system.
Starting in early 2018, Malta has been working very hard to convince the cryptocurrency industry to invest in the island as they managed to convince Binance to move its headquarters across the country. Binance, the world’s biggest crypto exchange with the annual profit of $1B now operating inside Malta as the exchange’s CEO Changpeng Zhao said:
“After reviewing a proposal bill, we are convinced that Malta will be the next hotbed for innovative blockchain companies and a centre of the blockchain ecosystem in Europe. Binance is committed to lending our expertise to help shape a healthy regulatory framework as well as providing funds for other blockchain start-ups to grow the industry further in Malta,
After Binance, the cryptocurrency firm TRON also decided to open a new office in the country and many small startups have been working very hard to secure their place inside the island. It seems Malta is well on track to become ‘Blockchain Island’ as prime minister Muscat leading the process.
Muscat also mentioned that his local government is a huge fan of Blockchain technology as they are looking to use Blockchain to eliminate third-party service providers. With that move, Muscat said they are hoping to reduce to costs and give a freedom to its citizens over the things like information and money.
Muscat also stated Blockchain do have a lot of use cases, as he finished with his speech with this quotes:
Blockchain can provide solutions to health care systems where patients have real ownership of their medical records. Emissions trading systems can be taken to the next level. We can help verify that humanitarian assistance is reaching its intent destination. We can make sure that nobody is deprived of their legitimate property because of compromised data.