Malta regards cryptocurrencies as the future of money

Moris Beracha.- 

The discussion on the regulation and use of cryptocurrencies in Europe and other countries worldwide is ignited and many countries regard these digital assets as significantly important in the economic future of countries.

At the meetings of the General Assembly of the United Nations Organization, held in New York City this 2018, the Prime Minister of Malta, Joseph Muscat, said that digital assets will inevitably be the future of money thanks to Blockchain technology and for that reason the governments of the world should pay special attention to this issue.

“I passionately believe technology revolutionizes and improves systems. That’s 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. Blockchain makes cryptocurrencies an inevitable future of money. More transparent, it helps filter good business from bad business,” Muscat told CCN.

It is important to recall that in 2018, the Maltese authorities also passed three bills in favor of cryptocurrencies and blockchain technology, introduced by Silvio Schembri, the Parliament Secretary for Financial Services, Digital Economy and Innovation.

The new laws regulate ICOs, cryptocurrencies and business practices to form bitcoin-oriented companies.

Muscat highlighted that his country is passionate about the potential of blockchain technology and its ability to provide transparency and complete freedom to users about information and money.

He also added that Blockchain could soon create solutions to replace the infrastructure existing in different fields, such as health and charity.

“Blockchain can provide solutions to health care systems where patients have real ownership of their medical records. Emmissions trading systems can be taken to the next level. We can help verify that humanitarian assistance is reaching its intended destination. It’s possible to make sure that nobody is deprived of their legitimate property because of compromised data,” he said.

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