Prime Minister Joseph Muscat has reiterated his stance that cryptocurrencies are the inevitable future of money, telling the world in his annual United Nations speech that technological progress cannot be stopped in its tracks.

“We can take the antagonistic view that technological progress is bad for us, that it will lead to new types of poverty, that it will outstrip people of their right, or even take decisions out of their hands,” Muscat said. “While this might sound appealing as a short term strategy for some politicians, and even sensible to well meaning people who are afraid progress will cost them their job, it would be as myopic as those advocating for horse-carts not to be replaced by motor vehicles.”

“We can take the antagonistic view that technological progress is bad for us, that it will lead to new types of poverty, that it will outstrip people of their right, or even take decisions out of their hands. While this might sound appealing as a short term strategy for some politicians, and even sensible to well meaning people who are afraid progress will cost them their job, it would be as myopic as those advocating for horsecarts not to be replaced by motor vehicles.”

Joseph Muscat’s comments on blockchain and cryptocurrencies are at 10:40

Malta is attempting to position itself as a global headquarters for cryptocurrency exchanges and companies which operate on blockchain and DLT technology. A global summit for players in the blockchain industry will be held this week, a month before three landmark bills to regulate the industry will pass into Maltese law.

Muscat told the UN that the transparency of blockchain means cryptocurrencies will help “filter good business from bad business” and that the technology will also give citizens more rights over their own digital data.

“Distributed Ledger Technologies can provide new solutions to healthcare systems where patients have real ownership of their medical records,” he said. “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. Corporations will be able to become more accountable to their shareholders. States will need to move from hoarding information on citizens to regulating an environment where citizens trust the handling of their data.”

What do you make of the Prime Minister’s claim?

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Tim Diacono

Tim is interested in the rapid evolution of human society and is passionate about justice, human rights and cutting-edge political debates. You can follow him on Instagram or Twitter/X at @timdiacono or reach out to him at [email protected]