The Blockchain Island of Malta, the popular crypto hub island where many crypto businesses moved their headquarters because of the good regulation climate is slowly falling short of the mark. In the blockchain news today, we try to find out why is this the case.
According to blockchain expert Steve Tendon, the small country is no longer a Blockchain Island. He claims that Malta totally missed the point of the power cryptocurrencies have. The major opportunity that the island didn’t take was because they forced companies to put down the physical presence on the shores of the country. Tendon was a part of an integral part of the Malta Blockchain Task Force and even advised the minister of the country to implement a blockchain strategy.
He was very enthusiastic at the start about the potential of cryptocurrencies and how they can change the world as Malta was doing at the beginning. However, after he saw that the country fell into the trap of following the model for success, he became disengaged. He has since went on to pursue new projects and placed all of his attention to Marshal Island’s SOV trying to really show the true potential blockchain has. He explained:
‘’Truly encapsulates the “blockchain island” problem: a situation of extreme isolation and an urgent need to forge connections — connections which are not rooted in the constraints of geography, space, and physical resources,’’
Tendon explained that the Blockchain Island of Malta had a plan to create an entirely virtual jurisdiction which could serve to connect the cryptocurrencies and blockchain technology to the reset of the global financial system. This was a very strong move that Malta was unwilling to take at the end. Cryptocurrencies have many advantages when it comes to sending cross-border payments and this is only a scratch on the surface. The technology as he explained, means that we can obtain digital identity management and we can even automate the number of tasks that have organizational and jurisdictional boundaries. The advantages are really to compelling to ignore but they are however too different from everything that has ever come before and it is hard to agree on their integration in the existing economic and legal systems as per the analysis in the crypto news.
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"There's billions of dollars of unclaimed royalties out there," Parson said. "The blockchain can help millions of artists claim what is rightfully theirs."For those of you who don't know Ditto Music from the blockchain news, the company has paid out $100 million in royalties last year and now claims that a roster of 250,000 artists are behind it - including big names such as Ed Sheeran, Sam Smith and Royal Blood. Bluebox is designed to split royalty payments for a recording's lifetime and track the plays accurately on the system.Parsons argued that a solution like this creates more transparency and more detailed reporting, two of which are crucial features as to why Ditto Music is launching an app of this kind. As such, both of which should reap higher collection rates from digital services.Ditto claimed to promote “higher collection rates [while] massively reducing the loss of earnings currently experienced by artists.”“Aside from the billions of dollars in unclaimed royalties that Bluebox will be tackling, the Bluebox app will let creators lock in their split payments at the point of creation and get paid separately and accurately for each use of that song. It’s going to revolutionise payments across the music industry and help the millions of artists claim what is rightfully theirs,” the CEO and founder of Ditto Music Lee Parsons concluded.
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“The Ministry of Industry, Mine and Trade has issued more than 1,000 licenses for cryptocurrency mining in the country.”Additionally, he also noted that the cryptocurrency mining industry has the potential to generate another $8.5 billion to the economy of the Islamic Republic of Iran, according to a certain new government study. But there are certain obstacles in achieving the goal, with the biggest being the high electricity costs that are facing miners in the country. As is wildly known a lot of computing power and electricity is needed for cryptocurrency mining. This is a huge obstacle and challenge for crypto miners in the Islamic Republic of Iran because only big firms can have the luxury to work, while smaller enterprises are forced to close.
“High electricity tariffs plus stringent regulations have made the sector less appealing for small investors.”Besides this the official from the ICT Guild Organization, Amir Hossein Saeedj Naeini noted that more discussions will be held in order favorable conditions are found for the cryptocurrency mining industry.
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