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​Prime Minister of Malta: Digital currencies an inevitable future of funds

2018-10-01 10:59 am | Resource: News Section | No Views : 39

​Prime Minister of Malta: Digital currencies an inevitable future of funds The Prime Minister of Malta, Joseph Muscat, said that digital currencies are an "inevitable future for money" and that Blockchain can stimulate a more transparent and equitable society.
The Prime Minister made the remarks in a speech to the general debate of the 73rd session of the United Nations General Assembly on 27 September.
Muscat presented a frightening situation for the political influence of the transfer of technologies, saying that those who recognize the new digital economy in a new state will be better than creating a society that is resistant to the future. "
He added:
"Blockchain makes digital futures an inevitable future of money, more transparent because it helps in filtering out good companies from bad companies." But these distributed techniques in the ledger can do much more.
The prime minister argued that DLT technologies - one of which Blockchain would be - would transform the chain of political, civil and institutional systems. Their potential in solving the "old problems for decades" was the motivation for Malta to launch itself "Blockchain Island," said the island was "the first worldwide jurisdiction to regulate technology."
The Prime Minister of Malta suggested that the DLT could ensure that "no one is deprived of his or her legitimate property because of infringing data", so that companies become "more accountable to their shareholders", which provides for "moving from information hoarding its citizens to an environment where citizens Dealing with their own data ".
However, the Prime Minister acknowledged the resistance that such new technologies might face, noting that:
"There are challenges in this rapid and clear transition to the digital economy and society, and these challenges are about the nature of the concepts that we thought would stay with us forever, but solutions do not come by closing doors."
He suggested that while "opposing positions" might be attractive as a short-term strategy for politicians, resistance to technological change would be "shortsighted as those who defend horse-carts that should not be replaced by cars."
As mentioned earlier, Malta's strong reputation for a strong and transparent regulatory environment has led many leaders of the digital currency industry to move their operations to the island. Binax announced that it moved its headquarters there last March, followed by the two exchange exchanges, OKEX and BitBay.

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