During the just concluded 72rd General Debate, Malta Prime Minister Joseph Muscat who has being strongly advocating for adoption of cryptocurrency in Malta told United Nations that cryptocurrency is the future money. He further went ahead to state that this form of digital innovation is unstable and it will inevitably change the manner in which financial services are offered.
As reported by Bitcoinist, Joseph Muscat strongly believes that the blockchain technology that powers cryptocurrency is unstoppable and will soon change the financial landscape in ways that we never thought would be possible.
During the event, he stated that cryptocurrencies are good for businesses as they are more transparent and help filter out the bad elements in business. Distributed ledger technologies can have a major impact on the financial institution as well as other industries that are eyeing this new technology.
Malta Government Supports Cryptocurrency
Maltese government recently signed a number of agreements as well as partnerships with new businesses as well as cryptocurrency exchange companies that want to operate from the country. The favorable working conditions in Malta as well as huge support for cryptocurrency is one of the primary reasons why most cryptocurrency-based companies are considering setting up camp there.
The raft of cryptocurrency exchanges that have signed agreements with Maltese government will soon start to offer cryptocurrency financial services to not only the residents of this island but also customers from other parts of the world. The government has also put in place regulations that will promote business operations of the said companies as well as steer the industry in the right direction.
Huobi and Binance are two of the primary platforms that have shown tremendous interest in doing business with Malta government. Huobi, for instance, signaled that it would attempt to develop the first decentralized tokenized financial institution/bank in Malta. On the other hand, Binance has already relocated its operations to the island and Muscat is on record personally welcoming the company to do business in the country.
Need to Regulate Blockchain Technology
When speaking at the United Nations, Joseph Muscat noted that this new technology previously used to operate in a vacuum that was not legally regulated. He further went ahead to state that there is a need to create worldwide regulations that will promote adoption of the technology and minimize the risks. Joseph did not shy away from pointing out the various ways blockchain can be used by the government to offer better services to citizens such as data handling to prove that cryptocurrency is the future money.
Muscat bold speech during the event helps to shed light on the difference between blockchain and cryptocurrency even though the two are connected. Note that most international governments have being favoring blockchain technology potential in various industries but demonizing cryptocurrency adoption all together.
United Nations support of this technology would greatly help to promote its growth and demystify the common myths that mislead and discourage most people from investing. More needs to be done to empower people about blockchain and send the message that cryptocurrency is the future money.