Earlier this year, Malta’s Prime Minister, Dr. Joseph Muscat, offered some innovative ideas during his keynote speech at the CEPS Ideas Lab - including a suggestion that Europe should work to become “the Bitcoin continent.” In recent remarks at an Economic and Financial Affairs Committee conference, he vowed that his country would take the lead by becoming one of the first to truly embrace the technology. Malta’s Cabinet has now taken steps toward that goal by approving the initial draft of what is being referred to as a national strategy for blockchain promotion.
In remarks quoted by Malta Today, Muscat repeated his call for the EU to embrace digital currency, and said:
“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.”
Financial affairs committee chairman Silvio Schembri praised the effort, citing his vision of Malta one day becoming Europe’s version of Silicon Valley. He also called on the government to do everything that it can to create the right environment for growth in Malta’s FinTech industry:
“We should aim to have the world’s best environment for the development and commercialization of Fintech models and disruptive innovation. The government should ensure that Malta has the appropriate regulatory framework, the right tax system and the best infrastructure to support this ambition.”