Almost everyone has accepted the fact that cryptocurrency is the change that the world will see in a short time, as a result of the increased adaptation of crypto on the global markets. But, the Prime Minister of Malta, Joseph Muscat had a slightly different view as he believed cryptocurrencies to be the “inevitable future” when it comes to money at UN General Assembly.
However, Muscat’s views are the combined force behind blockchain and cryptocurrency. The Malta PM believes that blockchain and crypto should be utilized together to get the most benefits out of the two and create an economy with a different perspective for future trades and adaptation of new money. Cryptocurrency can provide the new means of finance to all the people from around the world and blockchain can do the work of creating sophisticated transparency between trades to motivate authenticity and better management.
His views were expressed at the UN General Assembly, when he stated, “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.”
Muscat further highlights his words by combing the use and acceptance of blockchain and cryptocurrency in Malta for crypto market and the businesses along with it to gain a leading hand on the global cryptocurrency sector with concrete policies and satisfactory regulations.
The focus on the evolving industry of cryptocurrency started early this year, and since then the country had improved its ecosystem by improving the businesses and trades that are related to the companies associating with crypto and blockchain. Malta had also received high praise from Binance, the largest cryptocurrency exchange in the world with 10 million users. The major crypto firm appreciated the solidifying and satisfying regulatory rules that Malta has over the efforts of adapting cryptocurrency.
The CEO of Binance, Changpeng Zhao has also revealed plans to invest in the cryptocurrency community of Malta to enhance the growth of the country’s blockchain industry at its hands. Having a good lead with proper regulatory policies and co-operative functioning with companies, helped Malta to become of the great choices for major crypto exchange firms as it also provides a promise of blockchain technology.
Joseph Muscat further continued in his speech that the region is taking major steps in providing the world with a leading cryptocurrency and blockchain region by eliminating the need of the third party while helping the users to have access to money and information directly. PM also directed about the new plans of utilizing blockchain technology to upgrade and generate new infrastructures for healthcare and charity; two major sectors where blockchain can bring humanitarian assistance where it is most needed.