Joseph Muscat, Malta’s prime minister continues to be bullish about the cryptocurrencies. In a speech during the 73rd Session of the General Assembly of the U.N. on September 27th, Muscat expressed that:
“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.”
Muscat explained that those who “pair the new digital economy with a new state – a digital state,” will be best fitted to “create a future-proof society”.
“There are challenges in this fast and obvious transition to a digital economy and society. These challenges have to do with the very nature of concepts that we believed would stay with us forever […] but solutions do do not come by closing doors.”
Muscat continued to express that thanks to the distributed ledger technologies (DLT) “no one is deprived of their legitimate property because of compromised data,”, states “move from hoarding information on their citizens to regulating an environment where citizens trust the handling of their own data.” and corporations “become more accountable to their shareholders,”.
The Blockchain Island
Malta is working hard on creating the friendliest ecosystem for Blockchain and crypto-related companies. Multiple new laws were introduced to accommodate crypto-friendly companies. The results were seen immediately in the form of some of the largest cryptocurrency companies moving their operation to the small, Mediterranean island.
Images courtesy of Shutterstock.com