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Malta’s Prime Minister Claims “Blockchain Makes Cryptocurrencies The Inevitable Future Of Money”

The Prime Minister of Malta, Joseph Muscat, addressed a general debate of the 73rd Session of the General Assembly of the United Nations (UN) and stated his belief that “blockchain makes cryptocurrencies the inevitable future of money.” 

During his speech, Muscat claims his country as the “blockchain island,” because Malta was amongst the  first jurisdiction in the world to regulate blockchain technology, which “previously existed in a legal vacuum.” He states:

Muscat noted several use cases of blockchain technology including the creation of health-care systems in which patients have “real ownership of their medical records.” According to him, this will further aid in verifying whether humanitarian assistance is reaching its intended destination. Additionally, he mentions that the tech can “make sure nobody is deprived of their legitimate property because of compromised data.” He notes corporations could “become more accountable for their shareholders,” and will “need to move to regulate an environment where citizens trust the handling of their own data.

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