Embrace the Future of Digital Currency
Cryptocurrencies are the “inevitable future of money” proclaimed the Prime Minister of Malta during a United Nations debate.
PM Joseph Muscat addressed the 73rd Session of the General Assembly of the UN on September 27 where he promoted the potential of blockchain and the use of digital currency as a method of exchange. Muscat explained how digital currency helps to create a more translucent and unbiased society.
“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 went on to explain how he believes that distributed ledger technologies (DLT) such as blockchain, the technology which underlies the digital currency bitcoin, will be widely adopted throughout the globe and become the future of currency. He also believes that DLT promotes better use of people’s data, removing the need for third party service providers and enabling them to take ownership of it, giving the public more freedom with their information and money.
Indeed, Malta is establishing itself as something of a trailblazer when it comes to digital currency and has earned the title ‘Blockchain Island.’ PM Muscat claims the country was the first in the world to regulate DLT which he says “previously existed in a legal vacuum” and he maintains that it ensures no one is denied their rightful assets and that companies become “more accountable to their shareholders.
Although he acknowledges that the advancing of a digital economy the road to a digital economy won’t always be smooth and that there will be lots of bumps along the way, Muscat urges other policymakers not to fear or resist the advancement of digital economy but to embrace DLT.
Malta’s love of crypto digital currency and its strong regulatory conditions has attracted many crypto companies to move their headquarters to the sunny tourist spot which is fast becoming one of the blockchain capitals. Examples of this include Binance which relocated to the forward-thinking nation in the Mediterranean Sea.
Since the beginning of 2018, Malta has dedicated its resources to create a comprehensive ecosystem with the benefit of helping crypto businesses to develop and grow.
Meanwhile, the country is forging ahead by updating its laws and systems to become more accommodating to innovators in crypto digital currency and blockchain. Earlier this summer, the Maltese government passed three DLT, blockchain and crypto-related bills, helping the island to establish its position as leader in the cryptocurrency space.
Other countries are now taking inspiration from Malta and following its lead, for example, Bermuda, by introducing new regulations to allow initial coin offerings under certain rules. Also, three major cities of South Korea, the fourth biggest economy of Asia, Seoul, Busan, and Jeju Island, recently announced their aims of taking Malta’s lead in the crypto stakes. Even the European Union (EU) is getting in on the act with policymakers proposing standards for Initial Coin Offerings (ICOs).
The island will also be in the spotlight this November when it hosts the Malta Blockchain Summit which is expected to draw blockchain entrepreneurs and enthusiasts from all over the world. Muscat has a vision to enable blockchain to create solutions to replace existing infrastructure in major industries like healthcare and charity where the public will be able to take control of their medical records.
By Joy Lewis.