Prime Minister of Malta Hails Cryptocurrency in UN Speech

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Mr. Joseph Muscat, Prime Minister of Malta, has utilized his platform at the U.N. to speak out on the potential of digital currency and blockchain calling them an ‘inevitable’ part of a digital future.

In a speech at the 73rd Session of the General Assembly of the U.N., Joseph Muscat raised Malta to move to set up a ‘Blockchain Island’ and stated that the nation is the ‘first jurisdiction worldwide’ to regulate the technology that ‘earlier existed in a legal vacuum.’

As reported earlier, Malta’s parliament passes three bills regarding digital currencies, distributed ledger technology (DLT) and blockchain back in June.

Since then a number of digital currency-focused firms including the Binance exchange have moved to set up business entities on the island, with some agreeing collaboration with Malta’s stock exchange.

In his speech, which had earlier addressed issues like immigration,  Mr. Joseph Muscat, continued to take a bullish tone on the technology, stating:

Blockchain tech makes digital currencies the inevitable future of money, more transparent since it helps filter good businesses from bad businesses.

The Prime Minister concluded, distributed ledger technology too has the potential to give patients ‘real ownership’ of their medical records, it can ‘check that humanitarian aid is reaching it’s planned destination,’ and it helps brings more accountability to government and corporation.

While the nation has taken the lead to regulate the blockchain and digital currencies, other jurisdictions are further moving towards setting up frameworks governing firms using the tech but aimed not to stifle business or innovation.

There have further been moves within the EU to develop new rules for digital currencies, with one lawmaker also suggesting standards for ICOs that would enable token sale projects to operate across the economic zone.