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Malta, the tiny European nation has taken a huge step forward by making a move to promote widespread usage of blockchain technology throughout the country. The national Blockchain policy has recently received approval from the Maltese cabinet.
The new development was announced by the Prime Minister of Malta, Joseph Muscat. He was quoted by the country’s media outlets stating,
“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 trailblazer in this regard… 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 that others copy.”
Following the cabinet approval of the blockchain strategy, it will soon enter the public consultation phase to receive any inputs or objections from the country’s residents. The implementation of the policy will make Malta one of the first countries to embrace the cryptocurrency technology.
The initiative has received support from other members of parliament as well. They have expressed their wish to position the country as the “Silicon Valley of Europe”. Malta is also pushing the European Union to come up with something similar to that of Malta’s blockchain strategy.
In addition to promoting the use of technology within the country, the government is also aiming to present itself as an attractive option for the fintech industry, looking for alternatives following Brexit.
The United Arab Emirates is another country working on implementing blockchain technology into financial services and governance sectors. In the past few months, Dubai has announced a range of projects across various departments.
Malta is setting an example for the world by aiming and working towards implementing the blockchain technology across the nation. It could potentially influence others to follow suit and come up with similar plans.
Ref: Malta Today | Image: NewsBTC