Are Cryptocurrencies and Blockchain Technology Helping Malta’s Booming Economy?

Malta became famous in the cryptocurrency world for being a country open towards virtual currencies and blockchain technology. The island has been receiving companies related to the crypto market such as Binance and BitBay. Due to this situation, Malta could be experiencing important economic growth.

According to a tweet released by the European Commission, Malta will be growing by 5.2% during 2019. This will make Malta the fastest growing nation in the European Union by far. The second and third country with the fastest projected growth in 2019 is Ireland and Slovakia, both with 4.1% growth.

In2018, Malta was able to achieve a growth of 6.2% and it continues to grow as time passes. There are some analysts asking whether this growth registered by Malta can be linked to the expansion of virtual currencies in the country.

The Prime Minister of Malta, Joseph Muscat, has been very favorable towards virtual currencies and blockchain technology and has pushed for friendly legislation in the country. As mentioned before, some of the firms that decided to settle their operations in the country were BitBay, ZebPay, and Binance. These three are very important digital currency exchanges that operate in different countries.

These firms made large investments in the country, hired employees and helped the economy to grow even faster.

According to Malta Today, private consumption has been buoyant which reflects strong employment growth, increasing disposable income and also a large accumulation of savings in recent years.

On the matter, Joseph Muscat said that the fastest growing in Europe in 2019 and 2020 and that their growth rate is expected to be three times as much as the rest of the European Union.

Switzerland is another country that has received an important number of companies related to blockchain technology and cryptocurrencies. However, Malta received incredible support from the companies that we mentioned before. Switzerland became popular among cryptocurrency-related firms due to the Zug region that is a hub for blockchain tech and investments in virtual currencies. The city is very open towards these new technologies and several firms from several countries are starting to settle their operations here as well.

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