Cryptocurrencies are "the inevitable future of money," said Joseph Muscat, Prime Minister of Malta, speaking at the United Nations. In his opinion, blockchain will help make the world more fair and transparent.

Technology at the service of society

The Maltese Prime Minister Joseph Muscat delivered a fiery speech, praising cryptocurrencies and blockchain, at the 73rd session of the UN General Assembly.

According to Muscat, innovative technologies transform the political landscape and inevitably change the world.

"Blockchain makes cryptocurrencies the inevitable future of money more transparent since it helps filter good business from bad business, but these distributed ledger technologies can do much more," he said.

In his opinion, blockchain will solve "problems that may have been persisting for decades." That is why Malta decided to become a blockchain island and the world's first jurisdiction with a comprehensive regulation of this area "that previously existed in a ligand legal vacuum."

Muscat noted that governments of the world if they do not want to be left behind, need to create digital states with digital economies. Only such countries will meet the requirements of tomorrow.

In the future, thanks to blockchain, "nobody is deprived of their legitimate property because of compromised data," corporations will be able to "become more accountable to their shareholders," while "states will need to move from hoarding information on citizens to regulating an environment where citizens trust the handling of their own data."

Transition to digital society will not be smooth

Despite the general positive attitude, the Maltese Prime Minister is confident that the transition to the digital economy and society will not go without problems. Many politicians will resist the implementation of the technology and transformation of public relations.

But over time, this approach "should be as myopic as those advocating for horse carts not to be replaced by motor vehicles."