Malta is known as Blockchain Island due to its huge support of blockchain and cryptocurrencies. The government has hinted that it is considering tokenizing its financial assets as noted by CCN. The government has shown massive support and intention to develop a blockchain-based mechanism that will enhance its provision of services and operations.
Decentralized Cryptocurrency Platform
The Waves team has developed a decentralized cryptocurrency platform that will offer an independent ecosystem for blockchain developers. The company met with the Prime Minister, Joseph Muscat, and other government officials to discuss the potential uses of the platform in corporate and government sectors.
The team discussed technological cooperation between the company and government ministries such as land registry, voting, healthcare, agriculture and many more. There are also rumors that Waves platform could be used for purposes of tokenizing financial instruments.
At the end of the meeting, all the attendees agreed that they would hold more meetings to discuss the potent capability of blockchain. As with any other innovation, it is important for the government to analyze the negative and positive impact that the blockchain technology could have on the country economy and operations.
Credible sources who are aware of the proceedings of the meetings also expressed their satisfaction with the progress and discussions as a whole. One of the main positive outcomes of the process would be accreditation or licensing of the company to operate fully in this territory state that is keen on leaping maximum returns from blockchain technology.
One of the people who attended the meeting stated that Waves is one of the most powerful blockchain projects in the world yet it is underestimated. The [potential is huge and Malta government is positive that their collaboration with the company will yield massive positive results.
Wave’s founder and CEO, Sasha Ivanov, also stated that the company is positive about the partnership and looks forward to getting the accreditation documents. Once the company is approved to operate in Malta, they will unleash the blockchain solutions that they plan to bring to the table such as streamlining of the financial sector.
Prime Minister Sentiments
The Prime Minister Muscat has also stated that Maltese government has over the last couple of months worked hard to position the country as the most influential digital economy hub. The adoption of blockchain technology will promote economic stability of the country for decades to come.
It is also important to point out that Maltese government has enacted three legislation acts that will provide the much-needed legal certainty about this new technology. These acts include digital financial products and services such as initial coin offerings and virtual currencies.
Closing Remarks
The decision by Maltese government to take full advantage of Wave’s platform is clear proof that there are governments that are keen on embracing the technology. At the end of the day, this technology only wishes to offer financial solutions to the economy as well as promote equality across the globe.
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