In spite of so many FUDS in mainstream media, it is inevitable cryptocurrency will become the future of money.
Cryptocurrencies hailed as ‘FUTURE OF MONEY’ as world readies for ‘DIGITAL STATE’ – CRYPTOCURRENCIES are the “inevitable future of money” as the world prepares for a more “digital state”, the Prime Minister of Malta has declared. Joseph Muscat claimed the financial sector is heading toward a “future-proof society” as virtual currency continues be used as a method of exchange.
He described digital currency as being more transparent than traditional cash while also being able to transform political and corporate systems
Speaking at the 73rd Session of the General Assembly of the UN, Mr Muscat said: “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.”
Malta, he said, has launched itself as a “blockchain island” as it is the “first jurisdiction worldwide to regulate this new technology”.
Several of the largest cryptocurrency players like Binance and OKEx have since announced plans to operate in the country.
Blockchain, developed as a distributed ledger technology (DLT) can make sure “no one is deprived of their legitimate property because of compromised data” that corporations “become more accountable to their shareholders”, Mr Muscat argued.
He went to speak about the benefits of healthcare and charity and how growing technology can help these sectors.
DLT would mean that patients have “real ownership of their medical records”, Mr Muscat said.
He added: “Blockchain can provide solutions to healthcare systems where patients have real ownership of their medical records.
“Emissions trading systems can be taken to the next level.
“We can help verify that humanitarian assistance is reaching its intended destination.
“We can make sure that nobody is deprived of their legitimate property because of compromised data.”
The Prime Minister also acknowledged how the advancement of technology could be unnerving to some, but compared resistance “as myopic as those advocating for horse carts not to be replaced by automobiles”.
He said: “There are challenges in this fast and obvious transition to a digital economy and society.
“These challenges have to do with the very nature of concepts that we believed would stay with us forever […] but solutions do do not come by closing doors.”