Malta’s PM Tells UN That Cryptocurrency Is The “Future of Money”

Malta's Prime Minister Joseph Muscat is optimistic about the future of crypto, calling virtual currencies "the inevitable future of money" at the 73rd Session of the United Nations General Assembly in New York.

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Malta’s Prime Minister Joseph Muscat is optimistic about the future of crypto, calling virtual currencies “the inevitable future of money” at the 73rd Session of the United Nations General Assembly in New York.

Malta PM embraces crypto

In a speech given at the conference, Muscat outlined his belief that cryptocurrencies’ underlying blockchain technology has the potential to make VCs globally accepted and, ultimately, adopted as money.

He stated that:

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

At the UN function, Muscat said that Malta firmly believes in the potential influence of crypto, which has seen the tiny Mediterranean nation brand itself as a “blockchain island.”

Muscat noted that his country was the first jurisdiction in the world to provide a regulatory environment for blockchain, a technology that, for a long time, had existed in what he called “a legal vacuum.”

He emphasized that the nation was aware of the risks and challenges facing the industry, with issues like fraud, money laundering and other crimes a well-documented deterrent to widespread cryptocurrency adoption.

However, according to him, what the industry needs is an environment that helps the best projects to thrive.

“I passionately believe technology revolutionizes and improves systems.”

For the most of 2018, Malta has positioned itself as one of the most crypto-friendly countries in the world, and the prime minister appeared to cement that status during UN’s General Assembly meeting in New York.

Addressing a global audience packed with the world’s top leaders, Muscat explained that blockchain and distributed ledger technologies could help the global community achieve a lot more.

He pointed to the benefit this technology brings to the health care system, where patients have greater control over their medical records.

The technology also improves transparency, allowing for better monitoring of humanitarian aid to ensure it reaches the people who need it.

The PM also stated that the system could be used to instill accountability into corporations and governments and creating an environment in with accessible information and strong public trust.

By embracing dialogue and cooperation on matters affecting the emerging industry, the Maltese leader believes that blockchain technology can counter “regressive and reactionary politics.”

Malta attracts blockchain and crypto projects

The favorable environment Malta provides has encouraged a plethora of blockchain-based projects and cryptocurrency businesses to headquarter on the island nation.

One of the highlights of Malta’s growing appeal came when Binance, the world’s largest crypto exchange, relocated its headquarters to the island.

Other projects, including Tron, have indicated a willingness to set up offices in the region. It is remarkable that within the space of a year, Malta has risen to become a leading destination for many of the world’s cryptocurrency and blockchain innovators.

The rapid growth of the industry in the country has also contributed much to the growth of its economy. The state recently created a €300,000 education fund to promote blockchain innovation through scholarships.

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