"Cryptocurrencies Are The Inevitable Future of Money," Malta Says At The U.N General Assembly 10
credit: Malta Today

“Cryptocurrencies Are The Inevitable Future of Money,” Malta Says At The U.N General Assembly

Malta is fully committed to the development of blockchain technologies and the adoption of cryptocurrencies as the most critical element of an evolution for the global political and economic system and has decided to take its discourse to the United Nations for the first time.

"Cryptocurrencies Are The Inevitable Future of Money," Malta Says At The U.N General Assembly 11
Landscape of Malta

The “Blockchain Island” Speaks At The United Nations

The passion and knowledge of Joseph Muscat, Malta Prime Minister, was evident in his speech to the 73rd Session of the United Nations General Assembly. While addressing the world, Mr. Muscat referred to cryptocurrencies as the future of money, supporting the vision of several maximalists who believe that in the future this could be a reality.

He remarked that thanks to blockchain technologies, the use of cryptocurreny could help improve the performance and transparency of business in general. This is why he defends Malta’s determination to consolidate itself as the “Blockchain Island.”

“I passionately believe technology revolutionizes and improves systems.

 Which is why, in Malta, we have launched ourselves as the Blockchain Island by being the first jurisdiction to regularise a new technology that previously existed in a legal vacuum.

Blockchain makes cryptocurrencies, the inevitable future of money, more transparent since it helps filter good business from bad business”Malta is the only country in the United Nations Assembly that has given cryptocurrency a leading role in its discourse. It is important to note that Mr. Muscat chose to touch on the subject as the icing on the cake, closing his emotional speech with an important reflection on the potential of blockchain technologies to consolidate a better future.

"Cryptocurrencies Are The Inevitable Future of Money," Malta Says At The U.N General Assembly 12
Joseph Muscat

Malta Believes Not Just In Cryptos, But In All Blockchain Technologies

In addition to talking about cryptocurrencies, Muscat decided to go much further and explained the benefits of blockchain technologies throughout the international industry. For Malta, the use of crypto coins is only the tip of the iceberg, as blockchain technologies “can do much more:

“But these Distributed Ledger Technologies can do much more.  It can provide new 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.  Corporations will be able to become more accountable to their shareholders.  States will need to move from hoarding information on citizens to regulating an environment where citizens trust the handling of their data.

These are just a few ways how we can counter regressive and reactionary politics.

"Cryptocurrencies Are The Inevitable Future of Money," Malta Says At The U.N General Assembly 13
Joseph Muscat


Malta’s full speech is available down below. The video begins at the moment of touching the subject of cryptocurrencies and blockchain technologies.