Prime minister of Malta, Joseph Muscat, has expressed his positive view on the potential of cryptocurrency and the blockchain technology at the 73rd Session of the General Assembly of the U.N.
There’s No Escape from Cryptos
In his speech on September 27, Muscat stressed cryptocurrency’s importance for the financial industry:
"Blockchain makes cryptocurrencies the inevitable future of money, more transparent since it helps filter good businesses from bad businesses."
The minister had played a key role in transforming Malta into a “Blockchain Island.” According to him, the nation is “the first jurisdiction worldwide” to regulate the innovation properly.
As detailed by CoinTrend back in June, Malta's parliament approved 3 bills concerning digital currencies, blockchain and distributed ledger technology (DLT), thus attracting blockchain startups to deploy in the island. Large companies, including Binance, have set up headquarters in Malta.
Other than that, in his speech Muscat brought up the technology’s potential in diverse areas such as healthcare and humanitarian assistance.
Bermuda Keeping Up with Malta
Bermuda is aiming to attract blockchain-based firms to the island by introducing specific conditions that would permit initial coin offerings (ICOs) and setting up a task force to help build environment for crypto commerce.