Malta’s Prime Minister Says Europe Should Become the Bitcoin Continent

The Prime Minister of Malta, Dr. Joseph Muscat, spoke on Thursday at the CEPS Ideas Lab event where he proposed that “Europe should become the Bitcoin continent”. 

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European Policy Event with 1000+ Participants

Innovation platform of exchange, the CEPS Ideas Lab, brings together national think Malta’s Prime Minister Says Europe Should Become the Bitcoin Continent
tanks across Europe. CEPS Ideas Lab 2017 – Reconstructing the Union took place on February 23 and is one of the main events in Brussels.

Over 1,000 participants of 43 different nationalities consisting of national governments’ representatives, businesses, NGOs and European institutions gathered to debate key European policy issues.

Malta’s Prime Minister Says Europe Should Become the Bitcoin Continent
Joseph Muscat, Malta’s Prime Minister

Muscat was the keynote speaker for the event. Instead of delivering a well-prepared speech which he said “would have bored you to death”, he opted to “get into the spirit of this event by proposing ideas, some sensible, others risky, yet others which might sound, and be, outright insane”. Instead of address the crowd as “Prime Minister of the Member State holding the Presidency of the Council of the European Union”, he is speaking as “a European who is fed up of us going round in circles, and of someone who wants to provoke debate”. Malta is currently holding the Presidency of the Council of the European Union.

In his speech, he presented five “provocative ideas” on rebuilding the EU. “Now is the time to double down with yet another unthinkable project”, he said.

Europe Should be the Bitcoin Continent

Among the list of ideas, Muscat proposed that “Europe should become the bitcoin continent”. The Head of Communication at CEPS, Marco Incerti, then tweeted about the statement, which Muscat retweeted.

Malta’s Prime Minister Says Europe Should Become the Bitcoin Continent

“The rise of cryptocurrencies can be slowed but cannot be stopped,” the PM conveyed. “Some financial institutions are painstakingly accepting the fact that the system at the back of such transactions is much more efficient and transparent than the classical ones,” he added, as transcribed by Live News Malta. The Maltese PM then elaborated:

My point is that rather than resist, European regulators should innovate and create mechanisms in which to regulate cryptocurrencies, in order to harness their potential and better protect consumers, while making Europe the natural home of innovators.

Muscat then went on to present the four other controversial ideas to his fellow Europeans, including selling citizenships to the EU and opening a dialog with Turkey about their human rights problems. At the conclusion of his speech, he said that he hopes the five ideas incites a few debates and that he looks forward to their reactions.

Do you think Europe should be the bitcoin continent? Let us know in the comments section below.

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  • milmacrs

    As a Bitcoin enthusiast, evangelist and entrepreneur, I welcome Malta’s PM ideas if, and only if, he is not willing to turn the Bitcoin ecosystem into the same dinosaur the current financial system is, with regulations and taxation. The Blockchain is intrinsically more traceable, transparent and tamper-proof than banks’ databases. So linking adresses to individuals and companies upfront is all they need to satisfy the establishment’s anti-privacy greed. Anything more than that should not be acceptable by the Bitcoin comunity, IMHO, as this should be enough to avoid using bitcoin to finance terrorism or people trafficking. BTW, most these activities today are done with fiat currencies and rely essentially on corruption and national interests rather than privacy of currencies or banks. A bitcoin / blockchain global financial system would make it easier to trace criminal activity, which raises a big questions on the genuine interest of every nation to do so

    • David

      You’re right

    • Mateus Miguel

      Bitcoin is not the enemy of any Nation, but corruption is.
      Only corrupt countries will look at Bitcoin as a threat for their greed.

  • David

    This man is a visionary and if I had been from Malta I had voted for him

    • milmacrs

      I live in Brazil but have European citizenship and my company registered in Malta, for stability and business friendliness. This might be very good news!

      • Mike

        My firm provides corporate services in Malta. If you’re ever looking to change service provider, I’d be happy to consider bitcoin as a payment method. Bom dia!

        • milmacrs

          Thank you Mike. Good to know about you and your firm.

  • Will Craig

    Be cautious of politicians who say ‘should’. They’re just pulling your blockchain

  • Patrick

    part of their business model would be to tax it unfortunately