Malta’s Prime Minister: Bitcoin and Blockchain Is the ‘Inevitable Future of Money’
Malta Prime Minister Joseph Muscat stated that blockchain technology will allow crypto to inevitably become the future of money. The Prime Minister made this remark at the general debate of the 73rd Session of the General Assembly of the UN.
He remarked that thanks to blockchain technologies, the use of cryptocurrency could help improve the performance and transparency of business in general. This is why he defends Malta’s determination to consolidate itself as the “Blockchain Island.”
“I passionately believe technology revolutionizes and improves systems. This is 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 inevitable future of money. More transparent it helps filter good business from bad business.”
The Prime Minister went on to note blockchain tech can create healthcare systems in which patients have “real ownership of their medical records.” These, per his words, can also help verify whether humanitarian assistance is reaching its intended destination.
The Prime Minister acknowledged that the transition to a digital economy is not without challenges, noting that many people around the world cling to “concepts that we have believed would stay with us forever” – concepts like the meaning of work, compensation for labor, and the state’s role in providing safety nets for citizens. He also observed that some of the resistance will come from those who are afraid that the new emerging economy will result in massive job losses and additional poverty.
Malta is fully committed to the development of blockchain technologies and the adoption of cryptocurrencies as the most critical element of an evolution for the global political and economic system and has decided to take its discourse to the United Nations for the first time.
Get Bitzamp Latest Update By Downloading our Mobile App: Bitzamp – Cryptocurrency News – Apps on Google Play