Blockchain and cryptocurrencies are new and disruptive technologies that have divided the world into two parts: those who think that they are speculative bubbles that serve no purpose whatsoever other than aid criminals in committing illegal acts with ease, and those who really believe that cryptocurrencies have come to relieve the governments from the resñonsibility of issuing money. Sadly, every day we discover that more and more people in high places are in the first part. But every now and then we find people like Malta’s Prime Minister, who really thinks that these technologies are the evolution of money.
Joseph Muscat, Malta’s Prime Minister, has always been a man that regards cryptocurrencies and blockchain as useful tools to leverage to improve the actual situation of its country; Malta has been very open to blockchain startups, having established open and friendly regulations for blockchain and cryptocurrency related companies. So it is not surprising that he had declared cryptocurrencies as the next step of money in the 73rd Session of the General Assembly of the United Nations (UN).
Blockchain makes cryptocurrencies the inevitable future of money, more transparent since it helps filter good businesses from bad businesses. But these distributed ledger technologies can do much more.
He also referred to blockchain as a way of identifying people by giving them a real ownership os their records in medical applications. He is clearly promoting Malta as the perfect place for establishing cryptocurrency businesses, and to the date, he has done it with success. Binance, the biggest cryptocurrency exchange in the whole world announced that they were moving to Malta earlier this year, after having troubles by operating without a permit in Japan.
This pitches cryptocurrencies on a higher scale and takes Malta to new levels of trust when we talk about cryptocurrency investing. The USA is facing rough times in this regards, and even cryptocurrency industry leaders have asked Congress and regulators to step up to the game and provide effective guidelines for their activities. Lack of it causes a financial exodus, and countries like Malta will be happy to receive the money and startups from anywhere. Maybe, in the future when cryptocurrency grows to replace fiat, Malta will be in a privileged position in regards with the rest of the world.