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Witnessing the digital breakthrough

Virtual Assets Bursted Into International Politics Through United Nations Agenda

02 October 2018 22:02, UTC
Virtual Assets Bursted Into International Politics Through United Nations Agenda
By Oleg Koldayev

The 73rd session of the UN General Assembly is sure to be remembered by all interested observers not only for Donald TRUMP’s being late to his own report but also for two brilliant speeches that may change the attitude of the world political establishment to the new economy.

This is the report of the Prime Minister of Malta, Joseph MUSCAT and the President of the Republic of Sierra Leone, Julius MAADA BIO on the future of digital currencies and DLT-technologies, not in financial, but rather in social interpretation.

"We are trying to turn Malta into an island of the blockchain, becoming the first state in the world to regulate this new technology, which previously existed in a legislative vacuum," Joseph MUSCAT said. – Blockchain will turn the currency into the inevitable future of money. Its transparency helps separate good companies from bad ones."

The head of state is sure that new technologies will bring both social and economic revolutions to the world. In particular, it will exclude intermediaries and provide freedom of circulation of money and information.

According to the Prime Minister, "with the help of the blockchain, solutions will be developed that can replace the existing infrastructure in such areas as health and charity."

It is to be recalled that in early 2018, a legislative package favoring the development of the digital economy was adopted in Malta. Since that moment the Mediterranean island has become a very favorable place for investment activity. The virtual assets market has already brought just shy of $1.2 billion into the economy of this country, according to Morgan Stanley. Moreover, the volume of investments continues to grow. Not so long ago, Binance, one of the largest platforms for digital coins trading, moved its head office to Malta. Upon its heels, a few large operators of virtual assets came to the island.

In addition, the government supports the development of DLT-solutions at the state level. Talented students of the local university, who had created the most successful project in this area, were promised a grant of €300 thousand.

Malta, by the way, is the undisputed world leader in terms of digital investments. However, according to the information of Morgan Stanley on the number of registered exchanges, it occupies only the 24th place in the world. Strangely enough, England is still in the lead.

At the same session, but a little earlier, the President of Sierra Leone, Julius MAADA BIO addressed the representatives of the countries. He shared his government's plans to create a unified platform based on a decentralized ledger, for the digital identification of citizens and the organization of a credit reference bureau. It became necessary to make such a technological decision because most of the country's citizens do not have documents of identification.

At least 20 tribes live on the territory of the country. Two-thirds are united in two large unions, Temne is 30% and Mende is 30%. The others exist in isolation from each other. Naturally, a significant number of the population does not have any document confirming that a person has all the rights of a citizen. And, consequently, they are denied access to financial services.

Together with the official authorities of Sierra Leone, the United Nations Capital Development Fund (UNCDF) and the United Nations Development Program (UNDP) are participating in the project.

"Due to this project, Sierra Leone will become a model state for the creation of one of the most sophisticated and safe credit reference bureaus in the world," UNICEF Deputy Executive Secretary Xavier MICHON said. "It can serve as an example of using modern technologies in the financial sphere for both developing and developed countries."

In addition to mentioning virtual assets and DLT, these two reports are united by one important thing - the place where these words were spoken. This is that very tribune, upon which Nikita Khrushchev was tapping his boot and promising to teach everyone what’s what. This is the place where Nelson Mandela was speaking about the situation with the black majority in South Africa and where apartheid ended. This is the hall where they spoke about the nuclear non-proliferation and the problems of famine. And now there is the digital economy and virtual assets. Such a presentation means that the digital currency has become not only an instrument of the world politics and, in many ways, a goal, but a real symbol of it.

From the global economy point of view, this means only one thing: whatever they may say about the inflated value of virtual assets, volatility and instability of the market, now this is the conversation in favor of the poor. Warren Buffett, Bill Gates, and Charlie Manger may calm down. Digital coins are here to stay. It seems that politicians have already raised them to the flag, and no one is going to lower this flag that simply.



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