In a speech addressed during the General Assembly of the U.N., the Prime Minister of Malta, Joseph Muscat, said that cryptocurrencies are the “inevitable future of money” and that blockchain can galvanise a more transparent and equitable society.

The Prime Minister argued that distributed ledger technologies (DLT) will transform political, civic, and corporate systems. Their potential to solve “decades-old problems” was the impetus for Malta to “launch itself as a “Blockchain Island” he said, claiming the island was the first jurisdiction worldwide to regulate blockchain technology.

Malta’s Prime Minister believes that cryptocurrencies are the future of money. Do you agree with his statement?

Australia‘s National Science Agency has teamed up with the University of Sydney to perform a global test on the blockchain network that the two parties have jointly developed. The test, performed on a global cloud computing network, has revealed that the new blockchain platform is capable of processing 30,000 cross-border transactions per second. This blockchain is different to major blockchains like Bitcoin or Ethereum because it does not rely on the proof-of-work protocol, it utilises its own algorithm.

Blockchain technology is stimulating innovation across the globe. What is your favourite blockchain use case?

In October, Google is planning to partially reverse its stance on cryptocurrency advertisements. This past March, Google had imposed an all-inclusive cryptocurrency advertisement ban. They didn’t differentiate from the “good” or “bad” cryptocurrency ventures, this was a blanket ban for the whole industry. Google has sustained heavy criticism from important industry figures for its blunt ban on cryptocurrencies, with critics claiming it unfairly affected legitimate cryptocurrency ventures, and prevented them from expanding their customer base.

What did you think of Google’s ability to ban all blockchain related advertisement?

50 representatives from US-based financial stalwarts and leading crypto industry players met with Washington lawmakers last week to discuss the regulatory future for the emerging digital asset industry. The roundtable, dubbed “Legislating Certainty for Cryptocurrencies”, was hosted by a Republican Congressman in charge of drafting a crypto regulation bill, set to be introduced in the House of Representatives later this fall.

According to ConsenSys lawyer Pat Berarducci, “There are a lot of regulators wanting the U.S. to develop ‘do no harm’ policies to allow innovation to grow, just like they did in the internet era. Businesses and entrepreneurs are making decisions about where to locate and grow based on regulatory considerations. Policymakers are trying to foster innovation and at the same time protect consumers.“

Do you think that American policy makers can foster crypto innovation with a “do no harm” legislation?

The Malaysian government is looking to utilise blockchain technology in its three largest sectors: renewable energy, palm oil industry and Islamic finance. The Malaysian Industry-Government Group for High Technology (MIGHT) will be in charge of implementing blockchain solutions which the officials are hopeful will help to increase transparency, sustainability, and efficiency in logistics operations.

Malaysia is exploring blockchain technology to boost its industry. Is your country also experimenting with blockchain technology?

Walmart has advised its fresh, leafy greens producers to use blockchain technology to trace the movement of their products under its food traceability initiative, and to have all systems in place about one year from now.

In a letter to its suppliers, Walmart noted that the U.S. had suffered a multi-state outbreak of E-coli linked to romaine lettuce, resulting in 210 confirmed cases, 96 hospitalisations and five deaths. Read more : Walmart Food Traceability Initiative 🌱