During the recent United Nations [UN] General Assembly meeting, Joseph Muscat, the Prime Minister of the Republic of Malta spoke about blockchain technology and cryptocurrencies becoming the future money.
Muscat stated that Malta was the first country to regulate blockchain technology which according to him was previously put under a “legal vacuum”. Joseph said that blockchain technology was a revolutionizing technology which worked towards improving systems.
The platform also helped them in filtering out the good businesses from bad businesses. He further opined that the blockchain technology could do “so much more”. He stated that the technology could be used to provide solutions in the health care system where patients had “real ownership” or access to their own medical records.
According to Muscut, blockchain technology could provide solutions in the Emissions Trading System which is a major pillar of the EU climate policy, launched in 2005 to fight Global warming. He stated:
“emissions trading systems can be taken to the next level, we can help verify that humanitarian assistance is reaching its intended destination”
He further spoke about individuals being deprived of their legitimate property due to compromised data and that such an incidence can be reduced with the help of blockchain technology. He added:
“corporations will be able to become more accountable to their shareholders”
Joseph stated that the governments would have to change their methods of hoarding information from its citizens to creating a regulated environment where citizens could trust themselves in handling their own information or data. He further opined:
“these are just a few ways through which we can counter regressive and reactionary politics”
According to a recent post, Bittrex, the U.S based cryptocurrency exchange announced the formation of Bittrex Malta which focuses on delivering a reliable and secure digital asset trading platform. The exchange platform will also ensure that it will follow the regulatory framework which was established by the Maltese government and the European Union.
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