Malta’s Prime Minister Is Confident That Crypto Is The ‘Future Of Money’

The prime minister of Malta and his confidence are making headlines in today’s crypto news. According to Joseph Muscat, Bitcoin and the other altcoins are the “inevitable future of money.” The prime minister stated that and made a lot of remarks in a speech that was directed to the general debate of the 73rd Session of the General Assembly of the UN on September 27th.

Muscat’s speech also addressed the transformative and political impact of the bleeding-edge technologies. He said that those who “pair the new digital economy with a new state – a digital state” are best posed to “create a future-proof society.”

As he explained:

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

The Prime Minister also argued that distributed ledger technologies (DLT) of which blockchain is one type – are able to transform the gamut of politica, civic as well as corporate systems. As he explained, this technology has a potential to solve “decades-old problems” which is why Malta decided to “launch itself as a ‘Blockchain Island.” As he further explained, the island was the “first jurisdiction worldwide to regulate this technology,” prising it out of a “legal vacuum.”

He also recognized the resistance that such new technologies may encounter, noting:

“There are challenges in this fast and obvious transition to a digital economy and society. These challenges have to do with the very nature of concepts that we believed would stay with us forever […] but solutions do do not come by closing doors.”