The Prime Minister of Malta, Joseph Muscat, is in the latest cryptocurrency news for putting all of the rental contracts in Malta on the blockchain. The announcement came with an explanation of the contracts and how would they be registered on the blockchain, explained by Muscat in an interview on Radio One.
According to the Prime Minister of Malta, the reformed rental laws were approved by the cabinet after a lot of consultations. This initiative ensures security, prevents record tampering and makes sure that only authorized people can access the records, said Muscat.
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Additionally, the distributed ledger will prevent the possibility of there being contracts in place for which there is no clear record.
“We will now be showing people the added value of this technology through applying it to something which they will use in their daily lives,” Muscat said. “This shows how the digital transformation will affect their lives.”
The best cryptocurrency news sites have long been talking about Malta and its great potential. Known as “the blockchain island” – the country has done a lot to stimulate the use and growth of cryptocurrencies.
It first moved into the world of crypto in July 2018, when the Prime Minister of Malta showed his excitement about the crypto world and officially released a regulatory framework that is favorable to distributed ledger technologies.
From electronic money to financial instruments, virtual tokens and virtual financial assets, there are a lot of updates and regulations within the country. By March of 2018, Malta’s lawyers even started tokenizing themselves. As the altcoin news then showed, the Prime Minister of Malta was ready for new advancements in the future.
Malta is now known for its tolerant regulatory environment, the educated workforce as well as the EU membership which is truly “a cherry on the cake” for the country, businesses and individuals looking to work with cryptocurrencies within the country. All of them are entities that contribute to Malta’s economy and the country becoming a hub of blockchain experimentation.
The full details about the rental contracts registered on blockchain, as the Prime Minister of Malta noted, will be revealed in the coming days.
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