The blockchain capital of Europe

in #bitcoin2 years ago (edited)


(Malta's first Bitcoin ATM in the city of Sliema)

There was a country in the middle of the Mediterranean Sea who was known for its stunning sunny weather and the beautiful beaches. Now, this small archipelago of islands called Malta aims to become "the blockchain capital of Europe", as reported by a spokesman of the Prime Minister Dr Joseph Muscat during a recent interview.

What is happening in Malta is particularly relevant, given that the island is a EU member country since 1st May 2004 and, hence, an official adoption of the cryptocurrency and the blockchain could result in a significant endorsement at an international level.

The Times of Malta, reported last Monday that a "Mock rollout" of virtual currency will be due shortly with the purpose of exploring the possibility of a wider introduction, without incurring in the risks of a direct adoption of the currency. A sort of a bitcoin beta testing in a closed environment.

Governmental sources declared that "The idea is that virtual currency would be introduced within a controlled framework to test proposed controls and legislation but without there being any bearing on the wider local economy".

The so called "sandbox test" has been proposed in a report commissioned by the MGA, the Malta Gaming Authority, to the auditing firm PWC.
It's no wonder that the role of leader for innovation within the Maltese government have been undertaken by the authority responsible for the Gaming, land-based and especially remote. First of all, we need to consider that gaming became, in the last decade, one of the main resources for the island's economy. Furthermore, in a highly competitive scenario where gaming regulations can easily loose their attractiveness due to better legal frameworks from other countries, Malta is recently in the middle of a relevant legal overhaul aiming to revamp the industry and keep attracting foreign investments.

Mr Joseph Cuschieri, the Gaming Authority chairman and one of the member of the Prime Minister blockchain taskforce, said that the country could no longer adopt a "do nothing" approach. These represent clear and sound words, making all of us hope that this initiative might not just result in another political deception but concretely give birth to the first crypto-country.

Altough the taskforce and, in particular, the MSFA (Malta Financial Services Authority) expressed some concerns and defined cryptos as a "double-edged sword", it's the first time that a European country shows such dedication to the topic.

Time will tell us whether this is just another political manoeuvre. I believe that the Maltese government - since it opted for this approach - should intensify its commitment on the theme of cryptocurrencies. They have to be seen not only as a way to make a profitable industry even more profitable, but also as a way to improve everyone's life. Why, for instance, the report doesn't mention the huge potential of smart contracts? And what about the possibility of using the blockchain in the context of a public registry and reducing bureaucracy?

The tongue always turns to the aching tooth, they say..And the governments usually take care of those things that bring a profit in their pockets. Isn't so, dear Maltese politicians? Will you stop for a moment to take care exclusively of finance and money and start to think to poor people and real social needs?

In this case, the blockchain has been investigated due to its connection with the gaming industry (money for the elite) and surely not for its potential to offer real solutions for the average average citizen This is, sadly, the world in which we live now and the chances of changing the game's rules are, as always, up to each one of us.

Anyway.

These news are just a piece of a worldwide mosaic where the main question will be just the how and not whether the adoption will occur.
We Steemians know that soon the crypto-revolution will become mainstream and a public domain. In this perspective, these timid signals and attempts of politics should be welcomed, even if I can't hide (the blockchain and the cryptocurrencies do not need them at all). Even politicians will eventually understand what exciting and revolutionary times we are living and witnessing nowadays.


If you enjoyed this article, please remember the three magic words: upvote, resteem and follow :-P .. You will help me to grow and keep writing with enthusiasm (plus, I'm very much eager to return the favour and build good friendships here). Thanks!

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I think that this sandbox test doesn't make much sense if you really understand what a cryptocurrency is. Wheter you dopt it or not.. The blockchain technology doesn't need to be tested becouse it's one of the safest technologies existing. Maybe they should test their banks more than this. Good article f3nix! Keep up the good work

Yes I was thinking something in line with your comment.. I agree with the fact that this technology is self-explanatory and self-executing. Political thinking is totally part of another dimension and subject to different dynamics.

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WwowWzers... very nice work with exciting information...i will believe i have found a new currency to take some power away from the system... these are exciting times; indeed... cheers to revolutionary changes being made to ensure a better future for our Descendants :)

That's the spirit @paigemoore! This transition is unstoppable..what cryptos are you investing in? I am a particular supporter of ethereum

thanx @f3nix :) i am all for transition because it seems to take power from the bankers. It's my 4th day, and i didn't even know what bitcoin was until last week. Do you have any suggestions?

lol...i am olde school

No problem and welcome to the club of crypto enthusiasts @paigemoore! There's a lot to learn as you already saw. I suggest you learn a bit more on Eth, Neo, Iota..but keep always a critical approach: there can be scums here too. Fucking the bank and financial system is what i like most of all in this technology ;-) however you should have a solid knowledge before investing (as always). I have actually a mining contract + a diversified portfolio.

Yay... i didn't know if cussing is allowed...your advice is greatly appreciated. Is there a way to get to your writing without the resteems as i was interested in looking but couldn't find it very well? Sorry to bother you about it, but if you don't ask you don't learn and i watched to many videos about steemit already...i fuckin hate the financial, medical,war system too

About cussing, If I will find a better way to express myself when it's about corporatocracy and establishment I'll gladly change habit :-P When you want to read about someone you just go on his profile > blog. Here are some links to my previous stuff :
https://steemit.com/steemit/@f3nix/the-most-unpopular-topics-you-should-never-write-about-or-not
https://steemit.com/technology/@f3nix/mankind-and-technology-who-owns-who

I'm still in the process of understanding the potential and options of steemit too ;-) I think that here true connection and friendships count more than bots and shortcuts.. so let's give each other a hand to grow (up/resteem/follow). Thanks for your appreciation dude!

Thanks for the links as i am trying to get the stuff from my blog moved over before my granddaughters come to fill up my time. I did look, but your work was hard to find, and i don't want to chase after people or rather, i wanted to see your work and not the other stuff.
It seems like it's best to start with who approaches me first. I still haven't figured resteem out yet, but i tried to find it after you did my colloidal silver blog. I agree with everything you've stated here, except i ma chick :) lol...i'll get it but my pic link doesn't work ...best wishes, paige

Hello Paige, sorry for taking you for a he! mistaken give by the missing photo + the fact that i'm italian and I don't perceive Paige as a female name (it's very uncommon here). Resteem is like retweet .. you expose the article you like to more people and it's that arrow icon there on the right, bottom of the article. I did it a lot but honestly I recommend to resteem only the articles that you really like as the basically become part of your blog. Have a good time with your grandaughters!

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oh.... bitcoin atm?
why first in molta?
not USA or big Europe country?

They just did It, and It works. Sometimes even small countries can be smart..why not?

just Awesome... good works @f3nix

Thanks @hdmed ! Im happy you liked, ill check your articles too

Yes I really like his work, thanks @f3nix

Thank you so much @theredshark! And good luck with your steemit journey

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