News of cash vouchers handed out to boost the economy have made waves around the island, but what if there’s a better alternative, asks Wesley Ellul? Head here for the full discussion, or read on for the highlights.
Economy minister Silvio Schembri has alluded to Malta’s Blockchain potential, stating that the future is both digital and Blockchain. Even if you’re no expert on the matter, it’s hard to disagree with the points Mr. Ellul makes.
The downside, of course, is that Blockchain is the future, and this is happening now. Malta might not be ready for such a jump at this stage, as not enough people and businesses fully understand the intricacies of Blockchain and cryptocurrencies. It’s also not the only solution that offers transparency and reduced physical contact.
Having said that, there’s no reason why we can’t use this as a test. In the comments section, that’s what the consensus was. Implementation is crucial and could help the businesses that were so adversely affected by COVID-19 and the now-lifted lockdown.
Could this be the opportunity to implement Blockchain on a broader scale, or should we pump the brakes for a little bit longer?
For further reading, this is Blockchain & this is Cryptocurrency. And these are the definitions of some of the terms that appear: PSD2: Revised Payment Services Directive; QE: Quantitative Easing; UBI: Universal Basic Income; DLT: Digital Ledger Technology.
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