The Prime Minister of Malta, Joseph Muscat, recently addressed attendees of the UN assembly and spoke about what new technology can offer the world.


Countries don’t get much crypto-friendlier than Malta. The self-proclaimed “blockchain island” has fully embraced the industry and has grabbed the attention, and business, of exchanges like Bitmora and Binance who have traded U.S. soil for the sands of Malta.

Blockchain Goes to the UN

In another show of just how pro-crypto the island is, its Prime Minister, Joseph Muscat recently discussed its virtues at a debate at the 73rd annual UN General Assembly. Forbes reports that Muscat believes that the industry will transform the world’s access to information and money by giving power to the people. Muscat explained:

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.

While they are enthusiastic about the industry, they’re not going in blind and will soon be launching two bills. One will deal with ICO guidelines while the other will assist with the provision of blockchain and crypto guidelines. The latter is sorely lacking in other parts of the world, including the U.S. where politicians have called on authorities to create clearer regulations.

 

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Malta’s Muscat Sees a Crypto Future

Blockchain’s inherent characteristics like immutability have made it a viable option for most record-driven industries. Muscat discussed how it could especially help the health sector:

Blockchain can provide 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.

Taipei recently introduced their Healthcare Blockchain Platform which aims to do exactly this. Certain hospitals in the country will be able to provide their patients with the highest level of transparency by giving them easy access to their medical information.

Muscat’s address focused on the power of unity and how nations all around the world need to work together to find “global solutions”. He added that the current and continuing innovations in technology is the key to finding these solutions. He concluded by saying that cryptocurrencies are the “inevitable future of money”.

Do you agree that cryptocurrencies are indeed the future? Let us know in the comments below!


Images courtesy of Shutterstock.

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