Malta’s Prime Minister: Blockchain Makes Cryptos Inevitable Future of Money

Malta’s Prime Minister: Blockchain Makes Cryptos Inevitable Future of Money

The leader of the Maltese cabinet Joseph Muscat has openly claimed that unaltered ledger will help bitcoin and its brethren become the future of money. It is not new that Malta’s government endorses blockchain and crypto-technologies. The country has already established itself as an «island» for DLT. 

But what is special about Muscat’s word is that he publicly acknowledged it’s DLT which can lead to the broader adoption of cryptos. And most importantly, he delivered his notion to the United Nation’s General Assembly.

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Bitcoin’s «Inevitable»

As the Forbes contributor Billy Bambrough writes, the Prime Minister of Malta in his address to the UN’s General Assembly said the distributive ledger will allow BTC and altcoins sprawl «inevitably,» and become the future of money. 

Even before Muscat underscored, he believed BTC and DLT have the capacity to wind up the need for the third party services providers. He also noted that these tech innovations can provide users with more liberty in terms of finance and information.  

In particular, the Maltese Prime Minister said in the address to the UN:

“Blockchain makes cryptocurrencies inevitable future of money. More transparent, it helps filter good business from bad business.”

Prior to this, the head of the Maltese cabinet said he “passionately" believes tech trends dramatically alter and perfect systems. That is why, as he said, Malta has established itself as the unchangeable ledger “island.“ He also singled out that Malta is the first country in the world which regulated this innovation when other states preferred to leave it in the “legal vacuum.”

Muscat’s Praise of Unaltered Ledger

The Maltese official also emphasized that distributive ledger can ensure the health care system get novel solutions. For instance, he said, it could be a true patient’s control of their medical records. 

As it is known, blockchain provides a secure and unchangeable record of information in encrypted blocks. For this reason, it is used widely beyond the realm of cyber assets and reaches out to medicine and health care, administration, shipping, and so on.

“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,» also said Muscat.

Muscat’s words are coming against the backdrop of regulatory issues, which have been raised all over the world with the regard to bitcoin and DLT. Many regulatory watchdogs are either hesitating on whether to adopt these tech trends or to backlash them. For this reason, cryptos and blockchain are functioning outside the law in many states. 

Malta, however, is not one of them. The country has embraced DLT and cyber money, and many crypto-bourses and blockchain startups move to Malta after facing pressure in their homelands. Malta’s attitude on cryptos has been particularly talked up by the top executive of Binance, Changpeng Zhao. He also said his company will be piling into Malta to help enhance its local DLT niche and local cyber-asset businesses.

Notably, in a recent research, Bank of America stated that distributive ledger could boost the effectiveness of such e-commerce and technological giants as Amazon and Microsoft. Moreover, the bank predicted, in a long run the total market cap of the DLT industry could hit the margin of $7 billion.

Image Source: Flickr

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