"Sandbox" test by MGA on impact of Cryptocurrencies on Maltese Economy

Alistair Cuschieri | 03 Oct 2017

Cryptocurrency

A soft rollout of cryptocurrency is likely to begin shortly in Malta in order to test if it can be introduced without putting the country’s economy at risk. The intention is that the virtual currency would be launched within a controlled framework to test the proposed legislation but at the same time eliminating any potential risks on the wider local economy.

The recommendation to introduce a mock cryptocurrency was proposed in a report issued by PwC and commissioned by the Malta Gaming Authority on the potential introduction of virtual currency in Malta. The PwC report covers the strengths and weakness of cryptocurrency as well as the threats and opportunities it poses to the country. The findings and recommendations presented in the PwC report are currently being reviewed by a virtual currency task force which was set up by the Prime Minister earlier this month. The task force is entrusted in reviewing proposals made to it, as well as to make recommendations to the government to implement its National Blockchain Strategy. 



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