Blockchain would come into central play as MBR (Malta’s business ministry) is planning to incorporate it for economic aspects, as announced by Malta’s Junior Minister for Financial Services, Digital Economy and Innovation, Silvio Schembri. This latest report was published by a Malta-based financial firm, Zeta.
Silvio Schembri made the announcement at the inaugural ceremony of the latest premises of MBR, which was conducted by Dr. Joseph Muscat, the current Prime Minister on 28 June. He additionally stated that the integration of blockchain for economic ends is first of its kind since previously no government organization or agency has utilized the services of AI.
The Italian Maltese Chamber of Commerce took to Twitter in order to confirm the news along with a link to the originally published article.
The Idea Behind the Move
According to Malta Independence, a local media platform, Silvio Schembri mentioned the goal of this particular step as a trigger for increasing the efficiency of the system. It is aimed to curb the extensive bureaucratic formalities and procedures by investing in faster serving Information Technology. This change is guaranteed to bring new opportunities and services in MBR and the surrounding sectors.
Malta Inspiring the World
This step has instigated many to come forward and appreciate the step taken by the government agency. Prime Minister, Dr. Joseph Muscat himself applauded the finance sector stating that the decision serves as a positive step towards the goal of modernization that the Malta Financial Services Authority has aimed for.
Considering that it is the Business Registry, a government agency, that has planned on integrating blockchain into their database, we can safely say that Malta is developing leaps and bounds in terms of AI and is emerging globally as a strong capital in the world of blockchain.