Malta President Pledges Support For Blockchain Technology – Says It Promotes Socio-Economic Development

Malta president, Marie-Louise Coleiro Preca, has expressed satisfaction at the President’s Trust willingness to integrate blockchain technology in the execution of its day-to-day activities.

According to reports on Independent Malta, the president made this known at a UNGA side-event, titled “Blockchain for Social Good: Utilizing Blockchain to aid Economic Development”. The event was organized by Malta Blockchain Charity Foundation, Women Political Leaders Global Forum and the Finance Centre for South-South Cooperation.

Marie-Louise is of the opinion that the Memorandum of Understanding (MoU) between the Blockchain foundation and the President’s trust only goes to unlock more potentials of the Digital Ledger Technology (DLT). According to her, this would go a long way to ensure socio-economic development.

“The relationship between The President’s Trust and BCF is setting the agenda for innovation and development in ways from which non-governmental organizations can benefit.”

Notable Achievements of DLT in Malta

To make her point stand out, the President cited few examples of how DLT can be used for the good of the country. These included – improved transparency of transactions, reduced cost, fast transaction, and the integration of the virtual and the physical world

She also went further to commend Stasis, a crypto firm based in Malta, for its contribution to the Malta Community Chest Fund Foundation, towards ‘building a serene garden for oncology patients’.

She stated that innovative technologies like the DLT have helped increase the spirit of trust and solidarity by changing how businesses and other entities gather, access and share information

Conclusively, she hailed blockchain technology as a catalyst to transform the way in which charitable organizations are created and regulated in the future.

“Such a transformation will ensure that the funds, resources, and goodwill of our country, the private sector, and civil society will have the most impact for most people,” she said.

Malta’s consistent support of Blockchain Technology and the Crypto Industry

Malta has been a stronghold of the blockchain industry and cryptocurrencies of late. The president also reaffirmed Malta’s commitment to crypto and the blockchain industry at a networking event in New York yesterday.

The President told attendees that the Government of Malta had engaged extensively with the industry, regulators and other relevant stakeholders to present a holistic framework through which emerging technology can operate with legal certainty while offering a higher level of customer protection.

Do you think Malta’s contribution to the Blockchain industry will stand the test of time? Please drop your opinion in the comment section below.

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