In a recent speech, the Prime Minister of Malta stated that cryptocurrency is going to become the money of the future.
The PM, Joseph Muscat, addressed the General Assembly of the United Nations regarding the topic of cryptocurrency and offered that digital tender is the “inevitable future of money”. He also suggested that blockchain is necessary for equality within society.
Malta is one of the more cryptocurrency-friendly countries. The country is known to be open to the concept of inital coin offerings (ICOs). It is looking to develop a means to test whether an asset should be classified as a security or not in its concept dubbed the Financial Test Instrument.
In his speech, Muscat encouraged other United Nation countries the join to the cause. He offered that countries who are avoiding the new innovative concepts are closing themselves off to finding solutions.
Muscat urges the development of a global strategy to combat illicit activity, such as criminal gangs who operate in human trafficking. Malta, according to Muscat, is a state which expects others to behave in a lawful, humanitarian approach. This provided an opening to a speech which showed his advocacy for blockchain.
Muscat promoted the harnessing of technological advances as a “way forward that Malta advocates“. Using artificial intelligence, 3D printing, and advanced robotics of concepts that are providing technological solutions to issues that have been problematic in the past, the Malta Prime Minister urged that technology is essential for change and growth:
“The digital economy needs to be seen as an opportunity.”
He proposed questions in order to highlight the importance to consider forward-thinking:
“Can we solve stalemate diplomatic negotiations by applying algorithms that can avoid war? Can we disarm terrorists using the latest technologies? Is it possible to know immediately which remote parts of our planet need international humanitarian assistance? Could we create new organs for people so no one dies on a donor list? Can we live the day when humanity can be told that there is a cure to all cancers?”
Muscat concluded that, although only time will tell, we need to look to technologies as a means to solve these issues.
Watch the full speech below: