In the United Nations [UN] General Assembly meeting, Prime Minister of the Republic of Malta, Joseph Muscat, addressed the assembly concerning blockchain technology and cryptocurrencies.
While Malta maintains the self-moniker of being the “Blockchain Island”, PM Muscat claimed that his country was the first to regulate blockchain technology. Muscat made it clear that he believes blockchain technology to be the disrupting tech to revolutionize multiple industries.
In the address, which had previously covered issues such as immigration, the prime minister continued to tout the benefits of blockchain technology:
“Blockchain makes cryptocurrencies the inevitable future of money, more transparent since it helps filter good businesses from bad businesses.”
The nascent technology was lauded by Muscat, as a way to discern operational capabilities of businesses. He continued with the potential in patient maintaining data ownership within the medical sector, as well as providing solutions concerning the Emissions Trading System outlined by the EU climate policy.
One of the major points presented by Muscat is that governments will need to amend the practice of stealing information from its citizens. Blockchain technology will lead to government towards creating a system where citizens could maintain authority over their own data.
While Malta has taken the lead to fill regulation vacuum of blockchain and cryptocurrency, other countries are also developing regulatory frameworks for industries using the technology, while refraining from inhibiting business or innovation.