Maltese Financial Parliament Rejected Opposition Leader’s Claims on Inactivity in Cryptocurrency Market

Last Modified:12 May 2020 16:17:11
Maltese Financial Parliament Rejected Opposition Leader’s Claims on Inactivity in Cryptocurrency Market

Adrian Delia, the Maltese government opposition leader, was met with the harsh response following his criticism of the way the government supports cryptocurrencies (a kind of encrypted currency which is also called electronic money). His views were published in The Malta Independent, a Maltese national news outlet, on January 6, 2019.

President of Malt, Joseph Muscat, who frequently praises Blockchain technology (a distributed, encrypted, and secure database) and cryptocurrency, is seeking after what is known as Blockchain island.

The blockchain is an encrypted infrastructure, and it is on this infrastructure that cryptocurrencies are founded. This technology provides security for encrypted currencies. Therefore, no one will be able to manipulate the history of transactions, and this history will be available to users in a transparent way. Bitcoin was the first digital currency based on Blockchain that was introduced to the market.

This encrypted platform has four main advantages:

• Not being controlled by any institution or person

• Impossible to face failure and cessation

• Recording transactions in a connected network of all users

• The necessity of manipulating the whole network in case of the need to manipulate Blockchain information

Despite signing numerous agreements and arrival of crypto businesses, such as the major exchange Binance (an international online exchange, founded by Changpeng Zhao) which was moved to the shores last year, Delia has not convinced about the current trajectory. In his idea, the inactivity in recent weeks is a cause for concern.

The large international exchange Binance was founded by Changpeng Zhao (Chinese-Canadian businessman) in 2005 in China; though, due to the prohibition of trading by cryptocurrencies in China, its servers and headquarters were moved to Japan in September 2017.

This exchange launched its offices in Taiwan in March 2018 and announced that due to restrictions imposed by Chinese and Japanese governments, it intends to launch an office in Malta. In 2013, Changpeng Zhao joined group as the third member of Cryptocurrency Wallet team.

According to a report by Malta Independent, which was not directly quoting the leader of the opposition Adrian Delia, Malta was touted by the government as the Bitcoin island; but during the Christmas holidays, the government was completely silent over this matter.

After publishing his views, Parliamentary Secretariat for Financial Services, Digital Economy and Innovation claimed that Valletta, capital of Malta, plans on providing more peace and security for cryptocurrencies, such as Bitcoin. The Secretariat also added that measures are being taken to raise awareness among people of potential scams in this industry.

Malta was one of seven EU members signed a declaration to promote and develop Blockchain technology use.

Delia is currently receiving separate calls for resignation after accusations of domestic abuse. He denies such accusations and says that he will remain in his position.