Joseph Muscat, the Prime Minister of Malta at the 73rd General Assembly of the UN, stated that “cryptocurrencies are the inevitable future of money”.
U.N General Assembly Session
At the 73rd general assembly of the United Nations which took place on the 27th of September 2018, Joseph Muscat during his time made a spirited case for the impact of cryptocurrencies and their underlying blockchain technology. Muscat during this time said that this bleeding-cutting edge technology will transform certain aspects of the economy. He went further to state that those who pair these digital currencies with a digital state will be poised to create a future-proof society.
Muscat went further to state that the blockchain technology makes cryptocurrencies the inevitable future of money and that it is more transparent since it helps in the filtering of good businesses from the bad ones. According to Muscat, this distributed ledger technology can do much more than that.
Joseph Muscat, Malta’s Prime Minister went further to argue that (distributed ledger technology) of which the blockchain technology is one of them is capable of transforming the gamut of civil, political, and corporate systems. He went further to reveal that the potential of this technology to solve certain decades-old problems, was the reason why Malta launched itself as a blockchain island. He praised their decision to regulate the technology, thus, making them the jurisdiction worldwide to regulate this underlying cryptocurrency technology.
Blockchain Use Cases And Proposed Uses
Prime Minister Muscat, went further to propose that the blockchain technology is capable of ensuring that no Individual is deprived of any of their legitimate properties simply because of compromised data. He stated that with the blockchain technology, that company will become more accountable to their shareholders, that states will move from hoarding information from locals, and that the technology will transfer total control of data to locals.
For the healthcare sector, the Prime Minister proposed that with the blockchain technology, individuals will have real ownership of their medical records. He mentioned that they will make healthcare administration robust and far more efficient than most people can imagine. Muscat offered an example, stating that with the blockchain technology, humanitarian medical assistance will be verified and that it will notify the general public that this assistance is reaching its desired destination.
He is also aware of the challenges this technology might face. He stated that he is aware that there are certain challenges that must be encountered during the transition to a digital economy and society. He stated that these challenges are natural and that the solutions can only be gotten if people become more open-minded.
He further suggested that a strategy to resist this technological advances by several leaders and politicians could be termed “myopic”.
If you have been following crypto news, you will know that Malta is one of the countries that openly welcome these digital currencies and their underlying technology. In fact, this nation has been dubbed as the “blockchain island”.
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