Prime Minister Joseph Muscat said he sees blockchain technology as the tool which will allow bitcoin and crypto to "inevitably" gain widespread, mass adoption and become the future of money.
Addressing the United Nation's General Assembly, Dr Muscat said that he passionately believes technology revolutionises and improves systems, which is why Malta has branded itself as “the blockchain island", by being "the first jurisdiction worldwide to regulate this new technology that previously existed in a legal vacuum."
"Blockchain makes cryptocurrencies inevitable future of money. More transparent, it helps filter good business from bad business. Blockchain can provide solutions to health care systems where patients have real ownership of their medical records," Dr Muscat added.
"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."
Dr Muscat previously said he believes bitcoin and blockchain have the ability to eliminate third party service providers, giving users more freedom over information and money.
Over recent months many of the world's biggest banks and financial services companies have been gearing up to launch bitcoin products, including investment banking giant Goldman Sachs.