Blockchain Island Prime Minister: “Cryptocurrencies Are The Inevitable Future Of Money”


Malta’s Prime Minister Tells The UN General Assembly that “Cryptocurrencies Are The Inevitable Future Of Money”

The passion of Malta’s Prime Minister, Joseph Muscat, when it comes to cryptocurrencies was clearly evident during the 73rd Sessions of the United Nations General Assembly, where he made a speech saying that “Cryptocurrencies are the inevitable future of money.”

Joseph Muscat noted that the use of cryptocurrencies could work in businesses’ advantage, helping improve their transparency and performance generally. This could be the reason why the prime minister has defended his country’s determination to consolidate itself as the best destination for cryptocurrency and blockchain projects.

In his speech, Muscat said that:

“I passionately believe technology revolutionizes and improves systems. Which is why, in Malta, 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. Blockchain makes cryptocurrencies, the inevitable future of money, more transparent since it helps filter good business from bad businesses”

Not Just Crypt, Even Blockchain Technologies

In the entire United Nations Assembly, Malta is the only nation that has given cryptocurrency and blockchain a leading role in its plans. The prime minister chose to talk on the subject as the icing on the cake, ending his speech with a reflection on the potential benefits of blockchain technologies when it comes to consolidating a better future.

Muscat did not just talk about cryptos; he went much further, explaining the huge benefits of blockchain technology. He said that:

“But these Distributed Ledger Technologies can do much more. 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. These are just a few ways how we can counter regressive and reactionary politics.”

Want to see the full speech by the Prime Minister of Malta, Joseph Muscat? Here’s a video starting at the moment he started touching on blockchain technologies and cryptocurrencies:

 

 

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