Prime Minister Joseph Muscat of Malta called cryptocurrency “the inevitable future of money” when he addressed the United Nations’ General Assembly meeting in New York last week.

Muscat said cryptocurrency is “more transparent” and “helps filter good business from bad business.”

Malta has been far ahead of other European Union member nations when it comes to creating a friendly environment for cryptocurrency companies. In July, the Mediterranean island nation passed three bills to create regulatory oversight for cryptocurrencies and digital ledger technologies including blockchain. At the time, Malta also appointed its first blockchain regulator.

In addition, the crypto exchanges Binance and OKEx have announced plans to launch operations in Malta, with Binance saying in a March Medium post that it would hire “up to 200 people” to assist in its expansion. The nation’s university is offering a blockchain scholarship fund to educate more potential workers for these and other companies.

Muscat, Malta’s prime minister since 2013, also told the General Assembly about the potential for blockchain technology to give consumers “real ownership of their medical records and to improve corporations’ accountability to shareholders,” among other benefits.

He referred to Malta, as has been his recent custom, as “the blockchain island.” He also said that “it is the accessibility to advanced technologies that will lead to solutions, hopefully for the whole world.” See more here.

ThirtyK Staff
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