The Prime Minister of Malta has become the latest high profile world leader to lend his backing to cryptocurrency, describing it as ‘the future of money.’
In a speech delivered to the 73rd Session of the General Assembly of the U.N, Prime Minister Joseph Muscat said cryptocurrency and blockchain were an ‘inevitable’ part of the digital future, and to be embraced by governments worldwide.
He raised Malta’s own strategy of legislating to support cryptocurrency and blockchain businesses, as the EU member state seeks to become the predominant global hub for blockchain startups.
Their ‘Blockchain Island’ policy has seen authorities in Malta bring forward no fewer than three bills in recent months as the country seeks to become the ‘first jurisdiction worldwide’ to end the legal ‘vacuum’ around cryptocurrency and blockchain.
Passed in June, the three new cryptocurrency bills have already been successful in attracting new business to Malta, including major crypto exchange Binance, as well as several other firms which have reached agreements with Malta’s stock exchange.
In his wide ranging speech to delegates at the U.N., Prime Minister Muscat was optimistic on the future of cryptocurrencies like bitcoin and the underlying blockchain technology.
“Blockchain makes cryptocurrencies the inevitable future of money, more transparent since it helps filter good businesses from bad businesses.”
He continued to say distributed ledger technology could be useful in a medical setting, providing patients with “real ownership” of their personal medical records, as well as applications in international aid, where the tech can be used to “verify that humanitarian assistance is reaching its intended destination.”
The Prime Minister also cited corporate applications of the technology, and spoke of how blockchain can be used to improve transparency and accountability amongst corporate entities.
Malta has been one of the most proactive of jurisdictions in its moves to support the technology – a task that requires a delicate balance between some regulation, but not too much as to jeopardise innovation and development.
Similar steps have been taken in other jurisdictions, including the likes of Bermuda and the broader EU, as lawmakers try to create the optimum conditions for blockchain businesses to flourish.