Noted journalist Patrick J O Brien reports that Malta has become part of the domino effect when it comes to embracing cryptocurrencies.
“The rise of crypto currencies could be slowed but cannot be stopped. European regulators should innovate and create mechanisms in which to regulate crypto currencies, to harness their potential and better protect consumers, while making Europe the natural home of innovators”.
The above statement recently from The Prime Minister of Malta, Joseph Muscat is a significant endorsement of blockchain technology. “We must be on the frontline in embracing this crucial innovation, and we cannot just wait for others to take action and copy them. We must be the ones the others copy.”
Malta is well underway to become one of the first countries in the world to embrace blockchain technology on a national level. The national strategy, which is still in its draft stages, will be put up for public consultation soon, and will considered using blockchain technology, particularly for record-keeping in registries.
The Prime Minister is making a pointed attempt at pushing the agenda for blockchain technology in a post-Brexit reality, hoping to lure any part of the FinTech industry from the UK, widely regarded as the world’s hub for financial technology. Bringing over even a measly 1% of the UK’s FinTech industry to Malta’s shores would bring in €200 million to the local economy.
Following suit, Switzerland started to accept Bitcoin as payment for government services, Japan made Bitcoin a legal payment system on 1 April 2017, then we heard rumblings from Russia and India setting up committees to investigate with urgency. Now Malta is making an even more positive move.
Malta’s stature within the cryptocurrencies space has strong foundations. Under the umbrella of Investment Broker Exante Limited, its founders Alexey Kirienko, Gatis Eglitis and Anatoliy Knyazev develop the most successful profitable (hedge-fund)Bitcoin Fund of all time. By offering their clients a safe and accessible way to invest in Bitcoin they continue to dominate a space where many have failed, noted as Innovators on the pages of Forbes and Wired.
Like it or Love it, cryptocurrency is gaining popularity with no intention of slowing down. Cryptocurrencies have the potential to be a major player, if not the only player, in the future of finance.
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