Joseph Muscat suggested in his speech that to resist technological change would be “as myopic as those advocating for horse carts not to be replaced by automobiles”
On September 27, 2018, Joseph Muscat – Malts’s Prime Minister – asserted that digital currencies are the “inevitable future of money,” and that blockchain can stimulate development of a more transparent and rightful society. This statement was made in a speech on the 73rd Session of the General Assembly of the United Nations.
J. Muscat argued in favour of the huge political impact of cutting-edge technologies, and pointed out that those who “pair the new digital economy with a new state – a digital state,” will have fair chance “to create a future-proof society”:
“Blockchain makes cryptocurrencies the inevitable future of money, more transparent since it helps filter good businesses from bad businesses. But these distributed ledger technologies can do much more,” – J. Muscat said in his speech.
J. Muscat suggested that blockchain and other distributed ledger technologies (DLT) will modify the range of civil and political structures, and have the potential to solve many remote problems.
Malta bill itself as a ‘Blockchain Island’ that was the first jurisdiction in the world to lead the DLT out of a “legal vacuul” and to regulate this technology. According to the Prime Minister, DLS can ensure “that no one is deprived of their legitimate property because of compromised data,” that corporations “become more accountable to their shareholders,” and that states “move from hoarding information on their citizens to regulating an environment where citizens trust the handling of their own data.”
The Prime Minister argued that distributed ledger technologies (DLT) – of which blockchain is one type – will transform the gamut of political, civic, and corporate systems. Their potential to solve “decades-old problems” was the impetus for Malta to “launch itself as a ‘Blockchain Island,’” he said, claiming the island was “the first jurisdiction worldwide to regulate [the] technology,” prising it out of a “legal vacuum.” On the other hand, J. Muscat noted that transition to a digital world will face obvious “antagonistic stances”.