The Prime Minister of Malta Joseph Muscat (Joseph Muscat) called cryptocurrency “the inevitable future of money”, and the blockchain — a tool to maintain transparency and equality in society. About this politician said during a speech at the seventy-third session of the UN General Assembly.
Muscat spoke out unequivocally in support of crypto currency and technology underpinning. He said that only States that are implementing new digital economy, meet the requirements of tomorrow.
“The blockchain of cryptocurrencies makes the inevitable future of money more transparent as it helps to distinguish good business from bad business. But this technology of the distributed registry can do a lot more,” said Muscat.
The Prime Minister argues that the technology of distributed registry (DLT), one of realizations of which is the blockchain, completely changed the political, public and corporate system. DLT ability to solve the problems existing for many decades, became Malta’s incentive to obtain the status of “blockchain-island”. The Republic called because it was the first country with comprehensive legislation on distributed registries.
Muscat suggested that DLT could guarantee that no one will be without its legitimate property because of the access of foreign persons to the protected information. In addition, he believes that the blockchain will increase the accountability of corporations before the holders of their shares, but citizens will be able to really trust the storage of their personal data to public authorities.
As for healthcare, the Prime Minister, DLT will be able to provide patients the opportunity to manage their medical records and make administration more efficient — for example, will allow you to track delivery of humanitarian assistance by appointment.
However, Muscat said that the introduction of new technologies meets some resistance at various levels.
“There are difficulties in the rapid transition to the digital economy and the [digital] society. These difficulties are connected with the very nature of those concepts, which we thought they will stay with us forever… but the solutions do not come through the closed doors,” added Muscat.
He suggested that the opponents of new technologies can survive for some time, but further resistance to the introduction of these technologies will be just as if “someone suggested that the cars did not replace horses.”
Recall that Malta, as a country with a favorable legal field for kriptonyte, has attracted many companies to place business on the island. The first steps in this direction was taken cryptocurrency exchange Binance, and then her example was followed by the exchange OKex and BitBay.
