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Crypto is “inevitable future of money”: said Malta’s Minister to the United Nations
Editorial Team

Joseph Muscat, the prime minister of Malta, stated to the United Nations that cryptocurrency is “the inevitable future of money” on September 27, persisting on his bullish faith in Blockchain technology.

Muscat, speaking at the organization’s 73rd General Debate, championed digital innovation and its regulation.

“Blockchain makes cryptocurrencies, the inevitable future of money, more transparent since it helps filter good business from bad business,” he said. “But these distributed ledger technologies can do so much more.”

The Maltese government in accordance with the nature of the Blockchain Island has already signed agreements and partnerships with emerging businesses including a number of crypto exchanges in order to offer pioneering financial products and services.

As Bitcoinist has reported, platforms Binance and Huobi have followed the trend. The former has signaled in July that it would attempt to form the first decentralized tokenized bank in the world using the island as its base.

Muscat had personally welcomed Binance to his jurisdiction earlier this year.

At the UN, he noted the necessity of the decision to become “the first jurisdiction worldwide to regulate this new technology that previously existed in a legal vacuum.”

He continued saying that Blockchain spawns numerous ways in which the world can “counter regressive and reactionary politics,” forecasting:

“States will need to move from hoarding information on citizens to regulating an environment where citizens can trust the handling of their own data.”

Muscat’s bond with Blockchain and cryptocurrency provides a breath of fresh air from the perspective taken by international governments.