Prime Minister Joseph Muscat said that while the Maltese economy is strong, the need arises for innovations in all the sectors so that the economy will not become stagnant. He said that Malta needs to be at the forefront in the blockchain technology which should be introduced in various sectors.
The Prime Minister said that the cabinet this week approved the first bill for a national strategy that promotes what is known as blockchain, the main technology with which the digital coin Bitcoin is operated. He said that the strategy will be open for consultation.
Dr Muscat was speaking during a conference on new sectors that may lead to economic growth, organised by the parliamentary committee for economic affairs, in coordination with EY Malta. He said that with the blockchain strategy, Malta will be among the first countries in the world to introduce the system.
The Prime Minister said that this technology is not only intended for the financial services, but needs to be implemented in a number of sectors including in the lands registry and health registries. He added that Europe should become a Bitcoin continent despite that regulators are concerned on it. Malta, he said, should be at the forefront of this innovation and should not follow others but leave others to follow it.
Dr Muscat said that although the Maltese economy is doing fine, Malta should look into innovations to avoid economic stagnation. While the gaming sector opened new doors, he stated that Malta should not rest on a single industry while innovation may occur in every sector including manufacturing, services and in regulation. Prime Minister Muscat said he believes that Malta has a strategic advantage to be an international hub for start-ups.