The Prime Minister of Malta, Joseph Muscat, gave a speech to United Nation’s General Assembly (UNGA) remarking that cryptocurrencies are the “inevitable future of money”.

Future-Proof

During the speech given on 27 September, the Prime Minister believes that any nation can secure themselves as a “future-proof society”, the sooner they “pair the new digital economy with a new state – a digital state”.

So far this year, Malta has been charging ahead with its blockchain and cryptocurrency adoption. Muscat remarks that Malta “launched itself as a blockchain island by being the first jurisdiction worldwide to regulate this new technology that previously existed in a legal vacuum”. This had occurred in July when three bills became law, legalizing cryptocurrency businesses in the country.

Going beyond his positive remarks on cryptocurrencies, Muscat continued on to the practical applications of blockchain technology, citing patient ownership of healthcare records, administration, validating and verifying that humanitarian assistance is “reaching its intended destination”, saving loss of property due to “compromised data” and the return of personal data held by governments, back to the control of the people.

Presidential backing

On 25 September, the President of Malta, Marie-Louise Coleiro Preca also made a strong case for blockchain at a UNGA event where she backed the technology as one for “social good”. She spoke about a new partnership between The President’s Trust, a charity organization that she founded and the Blockchain Charity Foundation, which is an initiative headed by cryptocurrency exchange Binance.

The partnership will see the benefits of blockchain technology applied to a social cause, the president spoke highly of the many improvements and accountability the tech will bring to the charity, also saying, “This is what real justice and effective social solidarity is all about.”

Increased activity

In March, Binance revealed its intentions of moving operations to the blockchain island, capturing the attention of the blockchain enterprises and communities around the world. At this point, Malta became a hotspot for crypto and blockchain enterprises.

Since then, Malta’s blockchain infrastructure received several new additions with an interesting nuance on traditional initial coin offerings (ICOs) with the introduction of an initial convertible coin offering (ICCO), as well as blockchain degree that can be gained through the University of Malta.

At the end of August, the University of Malta and the Malta Information Technology Agency (MITA) unveiled a blockchain scholarship for students specializing in key areas such as ICT, law, Finance, and engineering. The scholarship will provide funding for students seeking to engage in blockchain related Masters and PhD dissertations.

Among many other interesting developments from the island, Malta has been somewhat of an inspiration to other nations. The governor of South Korea’s Jeju Island has proposed for it to become a blockchain hub, much like that of Malta, with special laws and regulations in place for it to become a sandbox-style zone for blockchain industries.

 

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