Cryptocurrency is Inevitable Future of Money, Malta’s PM Muscat Says

Blockchain has the potential to solve existing problems such as the lack of transparency and confidence in various sectors, Muscat said in a speech at the United Nations.

Virtual coins are the future of money transmission systems because their underpinning technology, the blockchain, makes these financial instruments more transparent than traditional currencies, Malta’s Prime Minister Joseph Muscat said at the United Nations (UN) on Thursday.

Speaking during the 73rd Session of the UN General Assembly at New York, Muscat noted that the world is in exciting technological times as innovation like cryptocurrencies, the blockchain, and artificial intelligence (AI) offer endless opportunities.

"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 since it helps filter good business from bad business," Malta’s PM told attendees.

"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," the Prime Minister said.

Malta has recently revealed three DLT and virtual coin laws with the aim to become “blockchain island,” a move that has prompted several of the largest cryptocurrency players like Binance and OKEx to announce plans for operations in the country.

As part of the European Union (EU), the bloc’s policies towards cryptos are in force in Malta like the EU virtual coin CFD limit and several anti-money laundering (AML) provisions for crypto-to-fiat exchanges.