The Government has announced the launch of a Blockchain Taskforce, which will be entrusted in reviewing proposals made to it, as well as to make recommendations for a 'clear roadmap' to be taken by the Government to implement its National Blockchain Strategy, according to a Press Release sent by the Parliamentary Secretariat for Financial Services, Digital Economy and Innovation.

The press release said that after the Cabinet of Ministers approved a National Blockchain Strategy back in April, the Secretariat has 'spearheaded the process' for this to take off through a call for proposals from the big seven financial services advisory companies. The National Blockchain Strategy is aimed at materializing the opportunities of distributed ledger technology.

ADVERTISEMENT

The Blockchain Taskforce will be chaired by Vincent Muscat, Permanent Secretary for the Parliamentary Secretariat, assisted by members Steve Tendon (Blockchain Expert), Dr Ian Gauci (Legal Expert), Joseph Cuschieri (MGA Executive Chairman), Loui Mercieca (Blockchain Expert), Wayne Grixti (MITA Enterprise Architect), Carlo Stivala (Finance Expert), and Mario Borg (Economist).

"Apart from exploiting the opportunities that blockchain technology offers for added efficiency in public sector processes and services, the Government is ambitiously looking into the setting up of a new regulatory function with the primary objective of harnessing the technology with a legal operational framework, serving as a bold initiative leading to the formation of an ideal ecosystem for those willing to invest in blockchain technology," the press release said.

It went on to say that interest from local and international private investors has been "significant" and it will remain open for the discussion of innovative ideas rendering this "disruptive" technology into a "catalyst for the further growth" of Malta's digital economy.

"The interest shown by the European Commission's DG Connect to set up a Blockchain Observatory Forum where opinions can be generated on the potential of this disruptive technology, whilst engaging stakeholders on DLT EU standardisation, is being received positively," the press release concluded.