We know that Malta has taken very open policies towards cryptocurrencies and blockchain technology in general. And this is a strategic position that has been taken by the government. According to Malta’s Prime Minister, Joseph Muscat, cryptocurrencies are the “future of money.”
Malta Stands With Cryptos
Malta is one of the most opened countries in the world towards virtual currencies and blockchain technology. Indeed, this is what Joseph Muscat has been trying to do, create a nation that adopts the new technologies and promotes them.
According to Bloomberg, Mr Muscat said that he believes that cryptocurrencies are the “inevitable future of money.” At the same time, these news cryptocurrencies will form the base of the new economy in the future.
And this is already happening. There are different uses of blockchain technology and virtual currencies that are changing the way enterprises, governments and civil society relate with the world.
Malta is seeing an important influx of money coming from the increased attention from cryptocurrencies. Binance and other companies have decided to settle in the tiny Mediterranean Island due to the fact that it offers a very friendly regulatory framework related to virtual coins.
Japan, for example, has seen its GDP increase by 0,3% in 2017 because of cryptocurrencies and their effect in the economy. It is important to remember that during the last year Bitcoin and other cryptocurrencies reached new all time highs, and investors have seen their profits increase hundreds, if not, thousands of times depending on the time they entered the market.
Prime Minister of Malta, Joseph Muscat, welcomed Binance to Malta as follows:
Crypto Friendly Countries
But Malta is not the only crypto-friendly country in the world. There are many others located in almost every single continent. But the most known are Belarus and Switzerland. Both countries have special regulations towards cryptocurrencies and blockchain technology. At the same time, there are some activities that have some privileges, like less paid taxes or easier bureaucracy.
The world is moving towards a new paradigm of money. Are the states losing the power to control the flow of money? At the moment is very early to tell that, but what would happen if virtual currencies keep expanding in the coming years? That’s a good question to which we do not have an answer. But some courtiers are adopting the necessary measures to benefit from this change in the way we conceive money.