The President’s Trust, a state-backed charity organization in Malta, has signed an agreement to partner with the Blockchain Charity Foundation (BCF), a move which has received praise from Maltese president Marie-Louise Coleiro Preca.

Charity on the blockchain

As reported by local media outlet The Malta Independent on 25 September, Preca was speaking at a United Nations General Assembly (UNGA) event organized by the BCF, Women Political Leaders Global Forum and Finance Center for South-South Cooperation.

At the event named “Blockchain for Social Good: Utilizing Blockchain to Aid Economic Development”, she spoke fondly of the partnership that improves transparency, accountability and reduces transaction costs for philanthropic endeavors, features of blockchain technologies that have chimed positively within the charity sector.

The President’s Trust is an organization that Preca founded and is a board member of. As written on the official website, the charity was set up to provide support for “vulnerable young people experiencing inequalities”.

Binance and Malta

The BCF is a non-profit organization initiated by cryptocurrency exchange Binance, a company that in March 2018 announced its relocation to blockchain-friendly Malta, a move that drew a great deal of attention from the global community.

Preca, who is also a chairperson of the BCF’s Senior Advisory Board, said, “In my role as chairperson of the Senior Advisory Board, of the Blockchain Charity Foundation, I believe that we will have the ability to utilize such innovations to improve the socio-economic conditions experienced by too many individuals and families who are living in precarity or vulnerability.”

President Preca praised other ongoing efforts by the BCF to utilize blockchain technologies in order to meet the goals of the United Nations 2030 Agenda and Sustainable Development Goals (SDGs). She believes that blockchain can be transformative for the creation and regulation of charitable organizations in the future.

Humanitarian

Reflecting on the growing potential of blockchain technology for businesses and other organizations, the president drew comparisons between the tech and trust saying that they were “at the core of our socio-economic interactions, thereby boosting transparency and emphasizing the importance of an economy and a society which is built upon trust”.

Preca is confident that such transformations will provide a positive impact for most people, saying, “This is what real justice and effective social solidarity is all about.”

The president described the “ongoing” national development of blockchain legislation, the efforts of the Malta Digital Innovation Authority Act, as well as “the Virtual Financial Assets Act, and the Technology Arrangements and Services Act”, which are all proving to be transformative forces on the island, encouraging those present at the side-event to explore Malta as a leader in blockchain regulation and what it this offers to businesses.

 

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Image Courtesy: Pixabay
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