Muscat during his speech predicts that blockchain technology can eliminate the need for third-party service providers when it comes to financial transactions. This can potentially end up speeding transactions and even make them less expensive.
In a statement, Muscat said
I passionately believe technology revolutionizes and improves systems. This is why in Malta, we have launched ourselves as the blockchain island. By being the first jurisdiction worldwide to regulate this new technology that previously existed in a legal vacuum. Blockchain makes cryptocurrencies inevitable future of money. More transparent, it helps filter good business from bad business
Many of the big names in the cryptocurrency industry have praised Malta's very open approach to blockchain and cryptocurrencies. This is in contrast to how most of the other countries have been treating them. Top countries have struggled with putting together regulations to govern the cryptocurrency industry, with some countries even going as far as banning them from being traded.
Joseph Muscat pointed out that bitcoin and other cryptocurrencies can solve a lot of problems for the general public. For example, when it comes to healthcare, blockchain technology can allow patients to access their records with ease. Another purpose would be to ensure that humanitarian aid would arrive at its intended destination without delay. Finally, property info stored on the blockchain can be safe from criminal forces ensuring legitimate ownership.
Improving Cryptocurrency Market
The global cryptocurrency market is experiencing a move towards more legitimacy as governments are scrambling to place regulations that would protect investors and the market. The British government labeled the entire market as a Wild West and they are already taking steps to implement proper regulations for the market.
A big sign of increased legitimacy is Google is scrapping the ban on cryptocurrency ads on the search engine. This is a great move for the market since it will increase exposure for these companies. It can potentially attract a lot more investors.
It also helps that many major financial institutions all over the world are gearing up to release a bitcoin financial product. If these are successful, then bitcoin and other cryptocurrencies can potentially get more investment and fulfill Malta’s Prime Minister’s prediction that crypto will be the future of the global financial industry.