Malta has three laws that regulate the new industry related to blockchain and digital coins. Experts in the field believe that the sectors will guide the future’s business transactions.
Mark Bugeja, an cryptocurrency and bitcoin expert, believes that digital coins are the future of the banking industry and that their impact will be even greater than internet.
“I think that within five or 10 years from now, today’s money and coins, will end and this is the result of our mobiles. The mobile is changing the world; before we had the computer at home or a laptop; now their use is decreasing and from what I see through my friends, half of the things are done on the mobile”, Mark Bugeja stated.
He added that Malta has an advantage because in 2018 it consolidated its international reputation in the blockchain sector with three legislation that drafted the regulatory framework for cryptocurrencies, blockchain and other technologies being used in the new economic industries. Malta is expected to further strengthen its position as a pioneer in blockchain by introducing more regulations this year, he said.
While he stated that the change to crypto economies requires that technological challenges are overcome, Bugeja maintains that significant steps have already been taken towards more secure systems in this sector.
Next Thursday, Mark Bugeja will address a talk, together with other experts, on the implications of blockchain and cryptocurrency in the Maltese economy. The talk will be held at Palazzo La Salle in Valletta.