Malta is Embracing Bitcoin and Blockchain in Sweeping National Strategy

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Malta’s government is reportedly developing a broad national strategy that will see the government embrace bitcoin and blockchain innovation to promote and adopt the technology.

According to a report by Malta Today, the island nation’s Cabinet has approved the first draft of a national strategy to promote blockchain. The revelation was made by Malta’s Prime Minister Joseph Muscat, speaking at an official financial conference.

“We must be on the frontline in embracing blockchain and Bitcoin…we must be the ones that others copy,” the prime minister reportedly stated.

The prime minister bullishly added that Malta would 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, Muscat added.

While keeping most details under wraps, Muscat hinted a few applications of blockchain technology, particularly for record-keeping in registries.

The prime minister stated:

This is not just about Bitcoin, and I also look forward to seeing blockchain technology implemented in the Lands Registry and the national health registries. Malta can be a global trail-blazer in this regard.

The ‘Bitcoin continent of Europe’

Muscat’s comments are notable for the significant endorsement of blockchain technology by the prime minister, who is the country’s highest official as the head of the government.

Malta’s Prime Minister Joseph Muscat is championing the use of cryptocurrencies like bitcoin and blockchain technology.

The prime minister called on other European Union leaders to embrace and harness the potential of cryptocurrencies in order to become the “Bitcoin continent of Europe”, according to a notable quote reported by Malta Today.

He stated:

I understand that regulators are wary of this technology but the fact is that it’s coming. 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.

Muscat 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, the prime minister revealed.

Meanwhile, Malta’s Stock Exchange has already set to path the development of its strategy to research blockchain technology in late 2016.

Images from Shutterstock and Wikimedia.

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