Malta’s Prime Minister at the UN: Cryptocurrencies Are the Future of Money

Joseph Muscat, the current Prime Minister of Malta, gave a speech at the United Nations, and used his position to mention the potential that cryptocurrencies have. He went ahead and called them the inevitable future of money; he further stated and agreed on the fact that there is no denying the ways cryptocurrencies are being used for global trade and is undoubtedly the future of money. Malta is a country that has been firmly embedded in the cryptocurrency and Blockchain space. Malta, being a crypto friendly country from the very beginning, has earned itself the name of Blockchain Island.

Malta is a country that has taken part in activities relating to blockchain and cryptocurrencies quite seriously, from the very beginning of the digital currency space. They have been trying to encourage several firms to take part in the European Blockchain Partnership, where this amazing technology will be enough to bring about a revolutionary change in the current global economy. Several countries that are related to cryptocurrencies have moved to Malta with their offices and business.

On 27th September, at the 73rd Session of the General Assembly of the UN, Prime Minister Muscat said that Malta is the first jurisdiction in the worldwide market that is suitable to regulate the revolutionary technology where a legal vacuum previously existed.

He went ahead to say that he passionately believes this technology has the power to bring about a positive change and improve the pre-existing system; this is the reason that in Malta they have launched themselves as the “Blockchain Island”. The Prime Minister is proud of being the leader of the first nation that has regularized and welcomed a new technology and seen its potential in the global market. He also said that blockchain technology is the inevitable future of the cryptocurrencies. The transparency of this technology helps to sort good business out of the bad.

Joseph Muscat stated that he has realized that blockchain technology can do more good than he had previously surmised. According to him, cryptocurrencies can bring about a change in the healthcare system by providing new solutions; under this technology patients will have a complete ownership of the medical records. Emission trading systems will be seen under a new light because of the advancements.

Malta PM said cryptocurrencies can help improving all sorts of humanitarian assistance — it will make sure no one is deprived of their legitimate property because data has been compromised, and potentially it could bring about prosperity and sensible policies across the economy.

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