Cryptocurrency has changed the perspective of humans towards transaction and the backbone of its functioning- Blockchain technology has been broadly accepted into various sectors. Malta which quickly gained popularity by aiming to become next blockchain hub after Zug, Switzerland is breathing example of the amount of potential the technology holds to bring prosperity and growth. According to Malta’s Prime Minister Muscat, the local government has realised its true potential and is passionately keeping a healthy environment for the technology and the business to grow.
The government believes in blockchain and its ability to eliminate third party service providers to provide users with transparency and security in the digital transactions and its decentralised model. The Prime Minister of the state described the potential the technology holds and he explained how blockchain will eventually produce solutions that can replace existing infrastructure in major industries like healthcare and charity. He stated, “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 UN General Assembly, Joseph Muscat stated that through blockchain technology crypto will undoubtedly become the future of money.
“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 it helps filter good business from bad business.”
The CEO of world largest crypto exchange Binance, Changpeng Zhao, in March also showed its healthy investment interest in Malta by stating that the company is committed to investing in Malta and its local cryptocurrency market to assist the growth of the local blockchain industry. He stated that:
“After reviewing a proposed bill, we are convinced that Malta will be the next hotbed for innovative blockchain companies and a centre of the blockchain ecosystem in Europe. Binance is committed to lending our expertise to help shape a healthy regulatory framework as well as providing funds for other blockchain start-ups to grow the industry further in Malta.”
Malta has quickly become a leading region in the global cryptocurrency and blockchain market and is the reason for nations growing economy.
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