Malta has firmly positioned itself as the most inclusive country in the world for crypto proponents. This embrace was cemented by the highest-ranking Maltese official on the highest ranking global stage last week.
Joseph Muscat, the prime minister of Malta, spoke enthusiastically about cryptocurrencies and the underlying blockchain in a speech at the 73rd session of the United Nations General Assembly held in New York City. He spoke to a plethora of high-ranking government officials from all over the globe about the prospects of digital currencies and how it will be the inevitable evolution of what we call money today.
Muscat listed the progress that the island country has made with the introduction of blockchain into the administrative structure of Malta. He spelled out how the business sector could be given a huge impetus by the implementation of this technology that “revolutionizes and improves systems.”
“We have launched ourselves as the Blockchain Island by being the first jurisdiction to regularize a new technology that previously existed in a legal vacuum,” he said, signaling the unfavorable regulations present in several countries that hinder blockchain businesses from operating freely.
Muscat points out that cryptocurrencies make money and such a currency is “more transparent since it helps filter good business from bad businesses.”
In addition, he detailed examples of how the use of blockchain technology can improve the lives of citizens.
He mentioned, “It can provide new solutions to health care systems where patients have real ownership of their medical records. 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. Corporations will be able to become more accountable to their shareholders. States will need to move from hoarding information on citizens to regulating an environment where citizens trust the handling of their data.”
He concluded his speech by saying that the introduction of this technology can “counter regressive and reactionary politics”, adding that the only way that governments worldwide can achieve this is “through dialogue and cooperation”.
The video to the Prime Minister’s speech can be found below:
Image via the General Assembly of the United Nations
Join our Telegram group