Joseph Muscat, the Prime Minister of Malta, said that blockchain technology will allow bitcoin and other cryptocurrencies to inevitably become the future of money.
Speaking at the UN General Assembly, Muscat said that he passionately believes blockchain revolutionizes and improves systems, which is why they are trying to position Malta as “Blockchain Island.”
“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,” Muscat said. “Blockchain makes cryptocurrencies inevitable future of money. More transparent it helps filter good business from bad business.”
Muscat added that distributed ledger technologies (DLT) can do much more. He said the technology will eventually produce solutions that can replace existing infrastructure in major industries, such as healthcare and charity.
“Blockchain can provide solutions to health care systems where patients have real ownership of their medical records,” Muscat 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. Corporations will be able to become more accountable to their shareholders. States will need to move from hoarding information on citizens to regulating an environment where citizens trust the handling of their data.”
Malta’s welcoming attitude towards cryptocurrency and blockchain has led several major crypto firms to relocate their operations to the island. In March of this year, crypto exchange Binance CEO Changpeng Zhao announced that it was setting up an operational base in Malta to assist the growth of the local blockchain industry.
“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,” Zhao said at the time. “Binance is committed to lending our expertise to help shape a healthy regulatory framework as well as providing funds for other blockchain startups to grow the industry further in Malta.”
After Binance’s announcement, crypto exchange OKEX, Berlin-based blockchain firm Neufund and blockchain startup Tron said that they would also set up in Malta.