The people of Malta and its government have already accepted the crypto world and has even tried to call itself the ‘blockchain island’ of the world.

In an address to the United Nation’s General Assembly, the Prime Minister of Malta, Joseph Muscat has said that he sees blockchain technologies as the tool which can allow Bitcoin and other digital currencies to inevitably gain a widespread appeal and essentially become the future of currency.

The Malta PM has said on previous occasions that he thinks the blockchain and Bitcoin have the ability to end third party service providers as it gives the users more freedom over the information and money.

Muscat went on to say:

“I passionately believe technology revolutionises 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 approach that Malta has towards the Blockchain and Bitcoin has been greatly appreciated by the industry. Changpeng Zhao, the CEO of Binance has said that they will now be investing in the ‘blockchain island’ to help grow the local blockchain industry and local crypto businesses in Malta.

Muscat continued to say:

“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 British government named the industry as the ‘wild west’ as it promises to bring the burgeoning sector under the better regulation to prevent money laundering and reduce trader risk.

Bitcoin and other digital currencies have recently seen some positive news with the biggest search engine in the world, Google taking a new approach to their current ban on cryptocurrency advertisement, which will now see some limited cryptocurrency advertising allowed on the search engine. This comes after many predictions have stated that Bitcoin could start a bull run within the coming weeks, though it does seem that the news from Google has had a very limited impact on the price of Bitcoin, which still sits stagnated.

References:

Forbes